Converting a Chapter 13 to a Chapter 7 Bankruptcy
Converting a Chapter 13 bankruptcy into a Chapter 7 bankruptcy is possible for individuals who want to move away from their payment plan. This process can be complicated and requires the involvement of an experienced attorney.
A Chapter 13 filing allows debtors to keep their assets while they pay off creditors over a three-to five-year period. On the other hand, a Chapter 7 bankruptcy liquidates certain assets in order to pay creditors and discharge remaining debts after four months. Though there are limitations on converting from one chapter of bankruptcy to another, it might be beneficial for those who find themselves unable to make payments under the original plan or have seen changes in income or expenses that prevent them from continuing with its repayment schedule.
The Law Offices of Omar Zambrano has helped thousands of people and businesses on the past to get out of debt and start over.
Our goal is to help you find a fresh start FAST!
Schedule your free consultation today! By Calling 626-338-5505 or visiting us at 12738 Ramona Blvd Baldwin Park CA 91706