Converting a Chapter 13 to a Chapter 7 Bankruptcy
Converting a Chapter 13 to a Chapter 7 Bankruptcy is a process for those who have already filed for bankruptcy. Both Chapter 13 and Chapter 7 bankruptcies are designed to help individuals or businesses eliminate their debt, but there are important differences between the two that can affect your financial future. If you’re considering converting from one type of bankruptcy to the other, it’s important to understand what filing each type entails and why you would want to convert from one to the other.
The primary difference between filing for a Chapter 13 bankruptcy versus a Chapter 7 is that in a Chapter 13 filing, you agree with your creditors on how much of your debt will be paid over time according to an arranged payment plan. In contrast, when filing under the umbrella of Chapter 7 bankruptcy, all unsecured debts are wiped out without any repayment plans being made.
The Law Offices of Omar Zambrano has helped thousands of people and businesses in the past to get out of the debt and start over.
Our goal is to help you find a fresh start FAST!
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