Q: Can I convert from chapter 7 to chapter 13?
Some assets have already been liquidated and I am only receiving social security disability and nothing else but there is assets in the state anywhere from 1 to 2 million dollars depending on who you ask. Do I qualify for a conversion? Original petition was filed about 8 months ago. Is there a time limitation? Thank you for your answers.
A: Under the federal Bankruptcy Code, you generally do have the right to convert your case from a Chapter 7 to a Chapter 13 bankruptcy, as long as you meet the requirements for Chapter 13, which includes having a regular source of income and not exceeding debt limits. Given that significant assets are in play and that some assets have been liquidated, the conversion process may be complex, and the bankruptcy court will need to approve the conversion. It is important to act promptly and to consult with a bankruptcy attorney to explore your options and understand the implications of converting at this stage in your case, especially considering the value of the assets involved.
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