Can I convert my Chapter 13 Bankruptcy to Chapter 7 Bankruptcy?

Yes, you can convert your Chapter 13 Bankruptcy to Chapter 7 Bankruptcy in Washington. This can be done if your financial situation has changed or if you feel like Chapter 7 would be a better fit for you. Before you convert, you must consider the pros and cons of each chapter. Chapter 7 Bankruptcy allows debtors to discharge most unsecured debt like credit card debt, medical debt, and past due utility bills. There are some types of debt that are not dischargeable, such as student loan debt and alimony. One of the main benefits of Chapter 7 Bankruptcy is that it is a relatively fast process and can take as little as six months to complete. On the other hand, Chapter 13 Bankruptcy is a repayment plan that allows debtors to keep their property, such as their home and car, even if the value of the property is greater than what they owe. This repayment plan is set to last up to five years. During the repayment plan, debtors have to make regular payments to their creditors, according to a plan set by the court. Before you convert your Chapter 13 Bankruptcy to Chapter 7, you must meet with a lawyer to discuss the best course of action for your situation and determine if you are eligible for Chapter 7. You should also consider any fees associated with the conversion process. Ultimately, you should make a decision that will best benefit your financial situation.

Related FAQs

Can I convert my Chapter 13 Bankruptcy to Chapter 7 Bankruptcy?

Related FAQs

Related Blog Posts