Although most people only have to file for bankruptcy once, sometimes people who originally file for Chapter 13 need or want to convert to Chapter 7 bankruptcy. There are also certain situations where the court will force a debtor to switch to Chapter 7.
You can convert from Chapter 13 to Chapter 7 at any time, as long as you have not received a Chapter 7 discharge within the previous eight years. The most common reasons why someone would convert include:
If you choose to convert to Chapter 7, you must pass the means test to demonstrate that you truly cannot afford to pay back your debts.
There are some situations where the court may force you to convert to Chapter 7:
By converting to Chapter 7 and liquidating your assets, you may be able to resolve your debt problems more quickly than with Chapter 13.
Not being able to afford the payments in your Chapter 13 repayment plan might mean that it is time for you to convert to Chapter 7 bankruptcy. An experienced Charlottesville bankruptcy attorney can help you determine what type of bankruptcy is right for you.
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