conversion Chapter 13 to Chapter 7

I have only 15 months left to pay my remaining $5500.00 balance on my Chapter 13 but my lawyer informed me since my vechile is paid off I can now convert to chapter 7 So i can start rebuilding my credit faster. Is their any consequeces to this? Will this hurt how long it will take to reestablish my credit?

Under your lawyers advice it seems that there will not really be any consequences. It will take 24 to 36 months to rebuild credit. The Bankrutpcy will be on your credit files for 10 years, but as the economy moves along you will be invited back in tothe world of credit much earlier.

Which one is best?

Which is the best one to do if you want to still keep your house and cars?

ANSWER

Chapter 13

Irs

I filed Chapter13 about 3 years ago and now I owe back taxes. Can I put tem on my current chapter 13 or do I have to refile to have them added?

ANSWER

Likely not possible as the Chapter 13 takes care of debt liabilities up to the date of signing. Anything caused after that time will not be eligable and will have to be delt with under a new strategy.

Bankruptcy Discharge vs. Dismissal

Can I cancel my bankruptcy? And if so, what consequenses are there? I no longer owe most of the debts that were originally included in my petition.

ANSWER

Lucky guy or gal. Were your debts to the creditors listed in the bankrutpcy paid out? If so, I believe you can apply for an expungement were the record of the bankruptcy cleaned up and your credit rating adjusted.

Customer

My question is the opposite. We are one who is one the loosing end. We ordered furniture from a company in North Carolina. They are filing for bankruptcy. (We were notified in January 2007.) They owe us $6508.00 in furniture and/or money back from damaged and defective furniture. This furniture was ordered over a year ago (Nov. 2005). We have been haggling back and forth with the company since March of 2006 until January 2007 when we were informed of the bankruptcy filing. Is there any hope for us? Do we have a chance of getting our funds back? What about us innocent customers who were led to believe that items were going to be delivered and/or replaced? Any suggestions?

ANSWER.

Small claims court may give you a ruling in your favour up to $5k. only the hard part is collecting. A court judgement is just that a judgement not an absolutel rit. The Bankruptcy Laws tend to supercede your rights as claiment. One suggestion would be to make sure that the company in question did absolutely go Chapter 11 or did they just say they were going to?

divorce and bankruptcy

I am about to file for divorce. mu husband has no credit, so we put everything in my name, i have a $385,000 mortgage, $42,000 car, and other bills all in my name.A mistake on my part! I make $27,000 a year,there is no way I can pay these payments. I have always had great credit. What chapter will I have to file and what can I expect...WIll this be a 10 year ordeal to get my credit reestablished?

ANSWER

I am not a lawyer but my common sence says that you should consider investigating Chapter 7 and cleaning out yourself entirely. Just an opinion. It will take likely less than 4 years to reestablish your credit.

Bankruptcy, Immigrant, & citizen

Does applying bankruptcy affect an individual to apply for citizen of USA?
He is a Permanent Resident of USA.

ANSWER. Not too likely as Homeland Security is more concerned with your background criminally than you background financially.

chapter 13 to a chapter 7

in a divorce can one spouse ffile to convert a chapter 13 to a chapter 7? and can the other stay in the chapter 13 ? If yes to both will the spouse in the chaper 13 be liable for all the debt under the 13b

ANSWER I suggest you book an appointment with your divorce attorney and ask him. He is the most intimate with your affairs and he may know an associate he can ask. Likely cheaper and faster than going through a new attorney.

Converting

I have been in Bankruptcy (Chapter 13) over 2 years. Can I convert to Chapter 7 now?

ANSWER

I am not an attorney but it seems to me that if you cannot support your payback under the wage earners, there are few other choices you have. Unfortunate circumstances have come your way and if you have lost your job or means of support then you still have your debts. The money you have paid back will be lost but the Chapter 7 is likely your only way out now.

Chapter 13 Refund

What happens if more money is paid into a CH-13 plan to satisfy claims than is needed due to creditors not filing claims with the court? Who gets this \"overpayment\"?

ANSWER

It would seem to me that if you paid too much per month or over the long term that a change of accounting would be in order. When you did your 13 you thru your attorney agreed on the repayment terms, the attorney should be contacted and consulted.

domestic partner

I\'ve been living with a woman for five years. We are not married and she hasn\'t worked in several years. Back problems are restricting her ability to find work. I have been claiming her as a dependent for a few years on my taxes and I was wondering if I could claim a two person household for bankruptcy purposes? She also has debts that are high, can I add hers to mine also?

ANSWER.

I am not an attorney but it would seem that if you have been filing tax together, living common law together than the bankruptcy will be together too.