Get Debt Relief From an Experienced Bankruptcy Attorney!
A Chapter 13 bankruptcy is often times in one’s best interest. Perhaps a 13 filing was necessary to save a home from foreclosure, to keep a vehicle from being repossessed, to insulate one from marital debt stemming from a divorce, or to stop a pending garnishment or asset seizure. However, circumstances often change. A divorce or job loss could result in a reduced income or altered finances. The vehicle you wanted to save through the 13 may have been destroyed in an accident. A medical catastrophe may have occurred since the Chapter 13 filing resulting in unanticipated medical expenses. If these are other circumstances have led to a change in your financial situation, it is always possible to convert your Chapter 13 to a Chapter 7 using a Marion Illinois Debt Relief Attorney.
Generally, most people can convert their case to a Chapter 7, provided they can meet the income requirements imposed by the Means Test, have not filed Chapter 7 during the eight year time frame preceding the Chapter 13 filing, and are not engaging in conduct deemed to be an abuse of the bankruptcy process. If you wish to convert your Chapter 13 to a Chapter 7, a Marion Illinois Debt Relief Attorney will examine your case and make sure it is in your best interest. While you may run the risk of losing certain assets you might have otherwise kept in a Chapter 13, it also means you will get a fresh start free of debt at an earlier time.
A potential advantage of initially filing a Chapter 13 is preservation of the discharge in your case. If a Chapter 7 discharge is received, a person is time barred from seeking to discharge new debts for some period of time following the closing of the case. However, upon conversion of a Chapter 13 to a Chapter 7, the Bankruptcy Code allows you to add in any additional bills you may have incurred along the way since the filing of the Chapter 13. This might be advantageous to someone struggling with ongoing costly treatment or other unanticipated events.
If you have filed Chapter 13, but now realize a Chapter 7 might be a better option, speak with a Marion Illinois Debt Relief Attorney at The Bankruptcy Clinic, P.C. today. Together, we will find the best option for you, allowing you to keep as many assets as possible while freeing yourself from oppressive debt. Contact a lawyer at Bankruptcy Clinic, P.C. today for a free consultation.
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