It is not uncommon for people to begin the process of filing for Chapter 13 bankruptcy to reorganize their debts, only to realize that their financial circumstances make meeting monthly obligations for a three- or five-year supervised repayment plan impossible. It is possible to change your petition and file for Chapter 7. In many cases, an individual or married couple may not have originally qualified for Chapter 7 when they began the petition process, but their circumstances change and make Chapter 7 possible.
You are entitled to change your Chapter 13 petition to Chapter 7 at any time during the process, including after your repayment plan has been confirmed and you are paying on your obligations. In most cases, there is only an additional filing fee required for the change.
- You are unable to meet your monthly obligation for a confirmed Chapter 13 repayment plan.
- You did not previously qualify for Chapter 7 under the means test, but your circumstances now make you qualified.
- You lost your job or your income is reduced due to other circumstances.
- You have assumed additional debt or monthly payment obligations.
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Learn more about converting Chapter 13 to Chapter 7 bankruptcy. Call an experienced Florida bankruptcy attorney at The Golden Law Group. We are ready to answer all of your questions about bankruptcy, debt relief and illegal collections practices.
From three convenient office locations, we represent individuals, families and business owners in bankruptcy matters in Bradenton, Brandon, Sarasota, Tampa and communities throughout the Florida Gulf Coast region. If you are over your head in debt and don't know where to turn for relief, turn to us. Contact us today for a free, no-obligation consultation.