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Should you convert your bankruptcy from Chapter 13 to Chapter 7? Atlanta, GA

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Should you convert your bankruptcy from Chapter 13 to Chapter 7?

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If you are contemplating filing for bankruptcy, one key decision you will have to make is whether to file for Chapter 7 or Chapter 13 bankruptcy. Usually, this choice is not too difficult – if you are in deep debt and have no ability to pay any of your bills, Chapter 7 is probably the best choice. If you are able to pay some of your debts and want to maintain ownership of your home or another asset, Chapter 13 may be right for you.

When you file for Chapter 13 bankruptcy protection, the Georgia bankruptcy court will place you on a court-monitored 3- to 5-year payment plan, during which you will be required to make payments on some or all of your debts. But what happens if, during those three or five years, you become unable to make the payments on your payment plan? Will the bankruptcy court allow you to convert your bankruptcy from a Chapter 13 to a Chapter 7? The short answer to this question is yes.

There are several common reasons for a Chapter 13 to Chapter 7 conversion. Someone who loses their job, files for divorce, or incurs unexpected medical expenses may no longer be able to make the payments on their Chapter 13 payment plan.

However, converting may not always be possible. In order to qualify for Chapter 7 bankruptcy protection, the filer musts meet certain income limits, among other requirements. The bankruptcy court will make a full assessment of your “financial picture” to determine whether your financial situation justifies the release of all of your debts under Chapter 7.

For more information or to determine whether you might qualify for Chapter 7 bankruptcy, contact an experienced bankruptcy attorney.

Source: Fox Business, “Convert From Ch. 13 to Ch. 7 in Bankruptcy?” Justin Harelik, Sept. 13, 2011

Posted on behalf of Gingold & Gingold

1718 Peachtree St NW, #385
Atlanta, GA 30309

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Gingold & Gingold LLC
5.0 / 5.0

Based on 28 reviews

Jack L.

They did an excellent job with my case. Jamie took the time to really listen and understand things. She delved into the details and was extremely knowledgeable and non judgmental. Very professional and they know what they are doing. Would definitely recommend!

All C.

Mr. Gingold was recommended by an attorney I had worked with previously. I met with Ira Gingold to discuss credit issues. He went over each specific issue thoroughly. He advised me of the potential outcomes. He did all this in one meeting for a very reasonable price. When we finished I was confident in moving forward with a resolution. He definitely wants to help people take the appropriate course of action for their circumstance.

Karen B.

Dear Mr Gingold, There are so many reasons to be thankful for all you have done and will do. Anyone who has ever had unfavorable experiences with an attorney or the legal system will feel the trepidation that I experienced once I realized that my situation seemed hopeless. It was by chance and happily good luck that I decided to put my future and sanity into your hands. I was mortified at having to deal with my debts by claiming bankruptcy. I remember in our first meeting how you assured me that I was not alone and should not feel ashamed. And, anyone in this position obviously does not have money to spare and you were clear about all the costs and allowing me to pay according to my own ability to do so. You advised me in all aspects of the law, but also, you were at each meeting incredibly supportive and complementary of my personal and professional plans. Anyone else in this situation should feel blessed to have access to your expertise and support.

Lyla B.

I thought the process of filing bankruptcy was going to be a difficult one. However, Gingold & Gingold treated me with respect and dignity from the moment I walked through their door. I had the pleasure of working with Jamie. She is very responsive, professional, and knowledgeable. She took the time and listened to my every concern and handled each and every one of them to my satisfaction. My experience with filing bankruptcy under Gingold & Gingold's representation exceeded my expectations in a major way. They gave me such a peace of mind. I am very pleased with my decision of going with Gingold & Gingold to represent me when I filed Chapter 13 bankruptcy.

Julie T.

Wow! I am finally out of debt and can say that I am debt free after completing my chapter 7 bankruptcy case with Gingold and Gingold. Mr dangled was very knowledgeable and direct with regard to my debt situation. there were no surprises and the case went as I was advised. The staff was also very helpful whenever I had a question. I will definitely recommend them in the future to my friends.

Sherard W.

I cannot say enough about this law firm. From the initial consultation to our discharge, the entire office kept me updated with every step of the entire process. I came to the Gingold after a bad experience with another law firm. Ira and Jamie immediately began treating me like family through this experience. In the end, they assisted with eliminating many debts including my 2nd mortgage. I cannot say enough about the experience and knowledge that Ira brought to the table from the office visits to the court time. Thank you very much for helping me through this tough time. Thank you.

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