Can I convert my Chapter 11 bankruptcy to a Chapter 7 bankruptcy?

Yes, it is possible to convert a Chapter 11 bankruptcy to a Chapter 7 in Virginia. In order for your bankruptcy to be converted, you must meet certain criteria. The filing of a petition for conversion does not guarantee the conversion; it must be approved by the court. To begin the process, you must file an application for conversion to Chapter 7. This petition must be accompanied by a statement of intention explaining what you intend to do with your assets and liabilities. Once this is submitted to the court, your creditors will be notified, and they may object to the conversion. The court will then review the situation and decide whether the conversion is in your best interest. Factors that the court will consider include your ability to pay your debts and how much of your debt you can repay. If the court finds that the conversion is in your best interest, it will grant the conversion and create a plan for the repayment of your debt. It is important to remember that converting to a Chapter 7 does not discharge any of your debt; instead, it allows you to pay your creditors over a period of time through a repayment plan. The conversion also does not affect any of your existing debt; you will still be responsible for those debts. Therefore, it is important to understand the implications of the conversion before deciding to move forward.

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