If I have filed Chapter 13 but can’t make the payments, can I now file a Chapter 7?

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If I have filed Chapter 13 but can’t make the payments, can I now file a Chapter 7?

If I do will I have to surrender my only means of transportation? My wife and I have both lost our jobs. She gets unemployment; I have no income. I have filed for disability through social security and the veterans administration.

Asked on November 21, 2011 under Bankruptcy Law, Washington

Answers:

Mark J. Markus / Mark J. Markus, Law Offices of

Answered 9 years ago | Contributor

Yes, you can convert your case to Chapter 7 at any time.  As far as what assets you can retain, that depends on a number of factors, including obviously the value of the assets and what exemptions you have available under applicable law.  Exemptions are "protections" for value you have in certain assets such that they are "exempt" from collections.  Every state has different exemptions amounts available. Exemption laws are based on the state where you resided for the 2 years prior to filing your bankruptcy case or, if you lived in more than 1 state during that period, in the state where you resided for the greater part of the 180 days prior to that 2 year period.

Mark J. Markus, Attorney at Law

Handling exclusively bankruptcy law cases in California since 1991.

http://www.bklaw.com/

bankruptcy blog: http://bklaw.com/bankruptcy-blog/

Follow Me on Twitter:  @bklawr

Mark J. Markus / Mark J. Markus, Law Offices of

Answered 9 years ago | Contributor

Yes, you can convert your case to Chapter 7 at any time.  As far as what assets you can retain, that depends on a number of factors, including obviously the value of the assets and what exemptions you have available under applicable law.  Exemptions are "protections" for value you have in certain assets such that they are "exempt" from collections.  Every state has different exemptions amounts available. Exemption laws are based on the state where you resided for the 2 years prior to filing your bankruptcy case or, if you lived in more than 1 state during that period, in the state where you resided for the greater part of the 180 days prior to that 2 year period.

Mark J. Markus, Attorney at Law

Handling exclusively bankruptcy law cases in California since 1991.

http://www.bklaw.com/

bankruptcy blog: http://bklaw.com/bankruptcy-blog/

Follow Me on Twitter:  @bklawr


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