If you’ve been struggling to keep up with your Chapter 13 bankruptcy payment schedule, you may be surprised to learn you might have another option which could relieve you of that debt: Chapter 7 bankruptcy.
In Chapter 13 bankruptcy your debt is reorganized, allowing you to pay back your creditors under a revised payment plan and schedule. In Chapter 7, by contrast, your deby is forgiven — unburdening you from the debt you may be struggling to get out from under.
Before pursuing a change to Chapter 7 bankruptcy, it is important to understand what the conversion process might entail. This article offers a simple rundown of what is involved as you convert from Chapter 13 to Chapter 7 bankruptcy in Wisconsin.
If you would like to learn more about bankruptcy in Wisconsin, read the following articles by The FItzgerald Law Firm:
- “How to Convert from Chapter 13 to Chapter 7 Bankruptcy in WIsconsin”
- “Filing Chapter 7 Bankruptcy: What You Need to Know”
- “Chapter 13 Bankruptcy in Beloit, Wisconsin: What to Expect”
Can Anyone Convert from Chapter 13 to Chapter 7 in Wisconsin?
You have the right to convert your Chapter 13 bankruptcy case to a Chapter 7 bankruptcy case at any time, as long as you have not already received a Chapter 7 discharge within the last eight years.
You must also qualify for Chapter 7 bankruptcy in order to convert. If you previously tried to qualify for Chapter 7 bankruptcy and failed, do not be discouraged. Your financial situation may have changed since your initial attempt.
To find out if you meet the requirements for Chapter 7 bankruptcy, consult a skilled bankruptcy attorney to discuss the details of your financial situation right away.
How to Convert from Chapter 13 to Chapter 7 in Wisconsin
An experienced bankruptcy team would be your best resource for understanding and navigating the procedures for converting bankruptcy cases in Wisconsin.
If you are both allowed to convert to Chapter 7 from Chapter 13 and you pass the means test to qualify for Chapter 7, there are a number of other required forms and steps your bankruptcy attorney will help you to meet, including:
- Proofs of Claims
- The Creditors’ Meeting
Before considering any change in your bankruptcy filing, it’s important to consult an experienced and knowledgeable bankruptcy attorney in your state, as the laws vary from state to state.
If you are interested in filing for Chapter 7 to replace your Chapter 13 bankruptcy in Wisconsin, contact a Wisconsin attorney specializing in bankruptcy cases.
If you’d like to learn more about converting to debt relief in Beloit or elsewhere in the state, read the article, “How to Convert from Chapter 13 to Chapter 7 Bankruptcy in Wisconsin” by The Fitzgerald Law Firm.
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Beloit Bankruptcy Attorney Lane Fitzgerald is both experienced and committed to helping clients improve their financial outlook by providing knowledgeable and personable assistance.