IF You Cant Make Your Chapter 13 Bankruptcy Payment Can You Covert To Chapter 7

by Meagan Kania on August 8, 2012

Chapter 13 Bankruptcy ConversionAttorney-Tulsa Bankruptcy Lawyer-Chapter 13 Bankruptcy

Over the years I have had countless calls from people who have file a chapter 13 bankruptcy in Ok and have been making the plan payments but have cince fallen on to hard times.  The first thing to know is that Oklahoma Bankruptcy Law allows the debtor to convert his or her chapter 13 to a chapter 7.  This can be done by filing the applicable motions with the bankruptcy court in Oklahoma.  Once this is done the Chapter 13 Trustee will either object to the conversion or he will not.  In most cases the Bankruptcy Trustee will not object as the conversion is your right.  The big problem is that in order to convert you must be able to qualify for the chapter 7 case.  This means that once again the Bankruptcy Court will look to see whether or not your income is above or below the median family income.  Only if its below will you be allowed to convert to a chapter 7.  Like any other chapter 7 in Oklahoma your exempt assets will remain in your possession and during the conversion period the automatic stay will remain in effect.

For a Free Bankruptcy consultation with a Bankruptcy attorney here in Oklahoma call 918-637-1545 or email me today.

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