Can I convert my Chapter 11 bankruptcy to a Chapter 7 bankruptcy?
Yes, you can convert your Chapter 11 bankruptcy to a Chapter 7 bankruptcy in West Virginia. In Chapter 11 bankruptcy, a debtor attempts to reorganize their debt and create a repayment plan. Additionally, Chapter 11 allows the debtor to keep their property and continue operating their business, if applicable. However, the process can be difficult and may take an extended amount of time to complete. For this reason, a debtor may wish to convert their Chapter 11 bankruptcy to a Chapter 7 bankruptcy. A Chapter 7 bankruptcy is often referred to as a liquidation bankruptcy since it allows the debtor to liquidate or sell all of their non-exempt property to pay back their creditors. Additionally, all of the debtor’s remaining unsecured debt is discharged, or forgiven. It is important to note that the court must approve the conversion before it is finalized in West Virginia. Additionally, depending on the debtor’s circumstances, the court may decide that converting to a Chapter 7 bankruptcy is not in the interests of the creditors or the debtor. Ultimately, if the court approves the conversion, the debtor may be able to receive a more favorable resolution to their bankruptcy case with a Chapter 7 bankruptcy. If you wish to convert your Chapter 11 bankruptcy to a Chapter 7 bankruptcy in West Virginia, you should consult a bankruptcy attorney for more information and advice.
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