Converting to a Different Bankruptcy Filing
In the event of the loss of a job, loss of spousal support, or other life-altering event, individuals may face serious financial distress. People who experience a sudden and significant loss of financial support or personal income may quickly find their monetary situation spirals out of control and may have difficulty maintaining timely payments of their debts. In the event of serious financial crisis, one option to save their property and discharge debts may be bankruptcy.
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Although many people fear that bankruptcy will attach a certain stigma to their name, it is important to note that many people have filed for and have emerged from bankruptcy in a much better financial state. If a person follows the bankruptcy plan and develops more sound spending habits, he or she may be able to rebuild their financial standing and set themselves up for future financial success.
Many people do not realize that persons who file for bankruptcy are not always locked into the plan they start with. It is possible to convert your bankruptcy plan to a different plan, especially after some time has passed. It is generally easier (and more desirable) to convert a Chapter 13 bankruptcy to a Chapter 7, and the step is so common that it is often referred to as a "Chapter 20".
Persons who file Chapter 13 bankruptcy typically make regular payments for several years, and as they near the end of the program, they may be allowed to convert their plan to a Chapter 7 and have the remainder of the debt discharged. Persons who begin with a Chapter 7 bankruptcy may be forced by the court to convert to a Chapter 13 if their financial situation changes drastically. If a person's income increases significantly (typically to over $60,000 per year) they may be expected to repay more of their debts under Chapter 13 bankruptcy.
Each individual's financial situation is unique, and may require a tailored plan for bankruptcy. Even if a person has already filed for bankruptcy, he or she may be able to convert to a different plan later if their situation changes. If you would like to know more about bankruptcy and converting to different plans, visit the website of the Boston bankruptcy attorneys of Joshua Spirn & Associates.
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