If I receive a loan modifcation bringing my mortgage current, can I change from chapter 13 to a 7 to relieve more financial debt

Asked about 1 year ago - Charlotte, NC

I filed bankruptcy to only save my house, I could care less about losing my furniture, car or any other items in bankruptcy. I want to keep my house because rental apartments cost just as much as my home. I can't a4 the bankruptcy payments and just want to start from scratch.

Attorney answers (5)

  1. Erich Matthew Fabricius

    Contributor Level 11

    7

    Lawyers agree

    Answered . If you have a bankruptcy attorney (which you should in chapter 13) this is a question that should be posed to him or her. There are some complex implications in conversion from chapter to chapter, and it's not something that should be undertaken without careful consideration and legal advice in view of the full facts.

    Given the right facts, it is possible for a modification to bring a mortgage current and then keep the house through chapter 7. I cannot say if that is your situation or not.

    I'm a North Carolina bankruptcy attorney, licensed to practice law... more
  2. Derek R. Caldwell

    Pro

    Contributor Level 18

    6

    Lawyers agree

    Answered . Based on the information provided there is no way to answer your question. We don't know if you are an above median income debtor or below median. I hope you have an attorney, and if you do, contact him or her. If you don't you may want to have one assist you from here on out. There are a number of in attorneys in Charlotte who participate on this forum as well as many who do not. Try going to the attorney finding tool at www.nacba.org.

    DISCLAIMER: This message is intended as a general discussion of legal issues and not as a statement of fact, legal... more
  3. Kenneth Love Jr.

    Contributor Level 17

    5

    Lawyers agree

    Answered . I agree with Mr. Fabricius and Mr. Caldwell, there isn't enough information to give you an accurate answer. You should consult your attorney. If you filed pro se this may be difficult. The simple answer is yes, you can possibly convert. The problem is that we don't know if you even qualify for a Chapter 7, or if you have any property which has equity, possibly including your home which would be lost in a Chapter 7. You need to consult your attorney or an attorney to discuss conversion.

  4. Brian Crozier Whitaker

    Contributor Level 17

    5

    Lawyers agree

    Answered . To answer your question ... if the only reason you were in a Ch13 was to catch up on arrears and save your house, and you otherwise qualify for Ch7, then, yes, you should explore converting to Ch7 a.s.a.p.

  5. Stuart Gregory Steingraber

    Pro

    Contributor Level 17

    4

    Lawyers agree

    Answered . Yes, but you need to consult with your BK atty about the "side effects". Good luck.

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