Q: I filed chapter 13 because I was told I had too many assets now they want to dismiss my case because I am in arrears
12000$ if they dismiss can I file for chapter 7 bankruptcy now
A: If you filed Chapter 13 to avoid a liquidation of your assets in Chapter 7, filing a chapter 7 case now because you were not successful in your Chapter 13 case WILL NOT stop the Chapter 7 trustee from liquidating assets. When filing a Chapter 13 case due to liquidation issues, you must be aware of the bankruptcy code sections which require you to repay your unsecured creditors an amount equal to that which they would receive in a Chapter 7 liquidation. These are often complicated and very fact-sensitive issues which should be reviewed with an experienced bankruptcy attorney in your local district and vicinage.
Timothy Denison agrees with this answer
A: You can always convert to a 7 but you need to consult a competent bankruptcy attorney first and see whether your assets are protected by exemptions or are not protected and thus can be liquidated to pay your debts.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
