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Conversions to Chapter 7

Recently, many Chapter 13 Debtors have found themselves in a position to convert their case to Chapter 7 due to loss of income or the surrendering of secured property. This temporary loss of income is a window of opportunity for a Chapter 13 case to convert as they would not qualify otherwise. Many debtors have had to sacrifice their home to alleviate the financial strain of “Living beyond their means”.

The means test is a good tool for determining if a debtor qualifies for Chapter 7 filing but not always ideal. There will be a high income debtor that will qualify for Chapter 7 due to higher bills for home & auto but still all in all have a better financial situation. Conversely there may be a single debtor living within reasonable means, but because they don’t have children to support or have high living expenses, they will not qualify for Chapter 7.

I hate to see a debtor lose his or her home, but sometimes it’s the best solution to a particular financial situation and converting the case to Chapter 7 is the best scenario for many.



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