{"id":3730,"date":"2023-01-20T10:29:18","date_gmt":"2023-01-20T10:29:18","guid":{"rendered":"https:\/\/hsapclaw.com\/?page_id=3730"},"modified":"2023-04-28T06:46:37","modified_gmt":"2023-04-28T06:46:37","slug":"converting-your-chapter-13-bankruptcy-to-chapter-7","status":"publish","type":"page","link":"https:\/\/hsapclaw.com\/converting-your-chapter-13-bankruptcy-to-chapter-7\/","title":{"rendered":"Convert Chapter 13 to Chapter 7 Bankruptcy"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Filing for bankruptcy in Walled Lake, Michigan, can be a difficult and overwhelming decision for many individuals. However, the process can become even more complicated for those who have already filed for Chapter 13 bankruptcy. In some cases, individuals may find that the repayment plan outlined in their Chapter 13 case is no longer feasible, and they may consider converting their case to Chapter 7 bankruptcy.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you need help converting chapter 13 to 7 bankruptcy in Walled Lake MI, contact <\/span><a href=\"https:\/\/hsapclaw.com\/\"><span style=\"font-weight: 400;\">Hammerschmidt, Stickradt &amp; Associates<\/span><\/a><span style=\"font-weight: 400;\">. Hammerschmidt, Stickradt &amp; Associates is a law firm in Walled Lake, Michigan, that specializes in helping individuals navigate the bankruptcy process. Our attorneys have extensive experience in both Chapter 7 and Chapter 13 bankruptcies and can provide expert guidance to those considering converting their case from Chapter 13 to Chapter 7.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">To convert Chapter 13 to Chapter 7 can be a complex and overwhelming process. However, by being informed and taking the correct steps, individuals can make the process less stressful and increase their chances of a successful outcome.\u00a0<\/span><\/p>\n<h2><b>Why Do I Need a Chapter 7 &amp; 13 Bankruptcy Lawyer?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Filing for Chapter 13 to Chapter 7 bankruptcy can be daunting, but with proper legal guidance, you can make it easier and increase your odds of a successful conclusion. A knowledgeable bankruptcy attorney can provide the support and knowledge necessary to understand the conversion process.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Here are the qualities of Hammerschmidt, Stickradt &amp; Associates for your bankruptcy case:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Extensive knowledge and experience in bankruptcy law:<\/b><span style=\"font-weight: 400;\"> We have extensive knowledge and experience in bankruptcy code, including <\/span><span style=\"font-weight: 400;\">bankruptcy filing,<\/span><span style=\"font-weight: 400;\"> the differences between Chapter 7 and Chapter 13, the means test, types of debt like secured debt and unsecured debt, payment, and the conversion process.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Strong communication skills:<\/b><span style=\"font-weight: 400;\"> We have strong communication skills that enable us to clearly explain the process and options to our clients and help them understand the potential consequences of their decisions.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Attention to detail:<\/b><span style=\"font-weight: 400;\"> We pay keen attention to detail, ensuring that all necessary paperwork is completed accurately and submitted on time.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Strong reputation: <\/b><span style=\"font-weight: 400;\">We have a strong reputation in the legal community for our expertise in bankruptcy law and our successful track record of cases and positive client reviews.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Willingness to listen and understand the client&#8217;s situation: W<\/b><span style=\"font-weight: 400;\">e offer personalized service by listening to our client&#8217;s unique financial situation and providing tailored advice to help them make informed decisions.\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The attorneys at Hammerschmidt, Stickradt &amp; Associates possess all of these attributes and more, making them well-equipped to help individuals navigate the complex process of converting from Chapter 13 to Chapter 7. Contact us now for a free consultation for a better future!<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><b>Differences Between Chapters 13 &amp; 7 Bankruptcy<\/b><\/p>\n<p><span style=\"font-weight: 400;\">When filing for bankruptcy, debtors have two main options: <\/span><a href=\"https:\/\/hsapclaw.com\/chapter-7-bankruptcy\/\"><span style=\"font-weight: 400;\">Chapter 7<\/span><\/a><span style=\"font-weight: 400;\"> and <\/span><a href=\"https:\/\/hsapclaw.com\/chapter-13-bankruptcy\/\"><span style=\"font-weight: 400;\">Chapter 13<\/span><\/a><span style=\"font-weight: 400;\">. The type of <\/span><span style=\"font-weight: 400;\">debtors&#8217; bankruptcy petitio<\/span><span style=\"font-weight: 400;\">n<\/span><span style=\"font-weight: 400;\"> will depend on the individual&#8217;s financial situation and circumstances.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Chapter 7 bankruptcy, also known as &#8220;<\/span><b>straight bankruptcy<\/b><span style=\"font-weight: 400;\">, &#8220;Chapter 7 bankruptcy is designed for individuals with little or no disposable income and few assets and property. In a Chapter 7 case, <\/span><span style=\"font-weight: 400;\">the United States bankruptcy court will appoint a Chapter 7 trustee to liquidate any non-exempt assets of <\/span><span style=\"font-weight: 400;\">the individual&#8217;s assets <\/span><span style=\"font-weight: 400;\">to pay off creditors. <\/span><span style=\"font-weight: 400;\">Chapter 7 discharges any remaining unsecured debts and <\/span><span style=\"font-weight: 400;\">liabilities<\/span><span style=\"font-weight: 400;\">,<\/span><span style=\"font-weight: 400;\"> such as <a class=\"linkilo_keyword_link  hyperlinks\" href=\"\/credit-card-debt\/\"  rel=\"dofollow\" title=\"credit card debt\" data-linkilo-keyword-link=\"linked\">credit card debt<\/a> or medical bills.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Chapter 13 bankruptcy, also known as a &#8220;<\/span><b>wage earner&#8217;s plan<\/b><span style=\"font-weight: 400;\">,&#8221; is designed for debtors with regular income who can afford to create payments to their debts. In a Chapter 13 case, the individual will create a repayment plan with the bankruptcy court. A trustee will oversee the repayment plan. They will then pay the debtor&#8217;s unsecured creditors and Chapter 13 bankruptcy protection.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><b>What are the Impacts on My Debts and Assets?<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Converting from Chapter 13 to Chapter 7 bankruptcy in Walled Lake, Michigan, can significantly impact an individual&#8217;s outstanding debts, <\/span><span style=\"font-weight: 400;\">liabilities <\/span><span style=\"font-weight: 400;\">and assets. Unsecured debt, such as <\/span><a href=\"https:\/\/hsapclaw.com\/credit-card-debt\/\"><span style=\"font-weight: 400;\">credit card debt<\/span><\/a><span style=\"font-weight: 400;\"> and medical bills, which were also included in the Chapter 13 plan payment, will be discharged once the conversion to Chapter 7 is complete.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, priority debts such as taxes and student loans will not be discharged, and the individual will still be responsible for paying these debts. The individual will also have to make payments on secured debts, including mortgages and car loans.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Converting from Chapter 13 to Chapter 7 bankruptcy can lead to the liquidation of any non-exempt assets. This can include property, vehicles, and other valuables the bankruptcy trustee may sell to pay off creditors\u2019 claims. However, exemption laws vary in Michigan, and it&#8217;s critical to consult our bankruptcy attorney to know about these.<\/span><\/p>\n<h2><b>How Do I Become Eligible for Conversion?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">To be eligible for conversion, an individual must pass the &#8220;<\/span><a href=\"https:\/\/hsapclaw.com\/the-bankruptcy-means-test\/\"><span style=\"font-weight: 400;\">means test<\/span><\/a><span style=\"font-weight: 400;\">.&#8221; Remember that an individual must meet certain conditions to convert from a Chapter 13 to a Chapter 7 bankruptcy.<\/span><\/p>\n<p><b>The means test compares the individual&#8217;s income to the median income for their state and considers factors such as living expenses and the number of dependents.<\/b><span style=\"font-weight: 400;\"> If the individual&#8217;s income is below the median income, they are generally eligible for conversion. However, if the individual&#8217;s income is above the median income, they must prove to the bankruptcy court that they cannot make the required payments under a Chapter 13 plan.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">To be eligible for conversion from a Chapter 13 to a Chapter 7 bankruptcy, an individual must also meet certain conditions. These conditions include:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>The debtor must be current on their Chapter 13 payment.<\/b><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>The debtor must not have received a discharge in a Chapter 7 or Chapter 11 case filed within the previous four years.<\/b><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>The debtor&#8217;s financial situation has changed.<\/b><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>The debtor must be eligible to file for Chapter 7.<\/b><\/li>\n<\/ul>\n<h2><b>Call our Chapter 7 &amp; 13 Bankruptcy Lawyer Now!<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Transitioning from Chapter 13 to Chapter 7 bankruptcy can get quite tricky. It&#8217;s a must to know how it works, the qualifications for bankruptcy filing, and how your financial assets &amp; obligations will be affected.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you are considering converting from Chapter 13 to Chapter 7 bankruptcy in Walled Lake, Michigan, the attorneys at Hammerschmidt, Stickradt &amp; Associates can provide the guidance and support you need. We have the experience, legal practice, and customer service to assist you throughout the process and protect your rights and interests.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">We also offer free legal consultations and can help you understand the laws and regulations related to bankruptcy in Michigan. Make the call today and regain control of your financial future.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">United States bankruptcy court , monthly expenses, bankruptcy code, debtors bankruptcy petition, bankruptcy filing, liabilities, claims, sale, money, terms <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Filing for bankruptcy in Walled Lake, Michigan, can be a difficult and overwhelming decision for many individuals. However, the process can become even more complicated [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":3731,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"_links":{"self":[{"href":"https:\/\/hsapclaw.com\/wp-json\/wp\/v2\/pages\/3730"}],"collection":[{"href":"https:\/\/hsapclaw.com\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/hsapclaw.com\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/hsapclaw.com\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/hsapclaw.com\/wp-json\/wp\/v2\/comments?post=3730"}],"version-history":[{"count":7,"href":"https:\/\/hsapclaw.com\/wp-json\/wp\/v2\/pages\/3730\/revisions"}],"predecessor-version":[{"id":4153,"href":"https:\/\/hsapclaw.com\/wp-json\/wp\/v2\/pages\/3730\/revisions\/4153"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hsapclaw.com\/wp-json\/wp\/v2\/media\/3731"}],"wp:attachment":[{"href":"https:\/\/hsapclaw.com\/wp-json\/wp\/v2\/media?parent=3730"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}