Converting Your Chapter 7 Bankruptcy to Chapter 13 | St. Charles, MO
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Converting Your Chapter 7 Bankruptcy to Chapter 13

To convert your chapter 7 bankruptcy to a chapter 13 bankruptcy, you’ll need the help of an experienced attorney. Chapter 13 is similar to chapter 7 in that it allows people to keep their possessions and homes while they repay their debts over a period of three to five years.

However, chapter 13 also includes some important changes:

  • Debtors must submit a detailed financial plan detailing how much money they will be able to afford to repay each month.
  • The total amount of debt that can be forgiven in a chapter 13 bankruptcy is much higher than the maximum amount that can be forgiven in a regular chapter 7 bankruptcy. This means that those who file for chapter 13 bankruptcy may end up paying less overall than if they had filed under regular Chapter 7 rules.
  • The timeframe for repayment is also significantly shorter than with regular Chapter 7 bankruptcy, which means that it may be easier for people to get back on their feet after filing a chapter 13 bankruptcy.

Bankruptcy Attorney in St. Charles, MO

If you are struggling with debt, declaring bankruptcy may be your final option for resolving your financial issues. The legal bankruptcy process can help you wipe out debts, pay back creditors, and reorganize your finances. It is one of the most prevalent debt relief choices that can help you become debt-free and start over.

Before you declare bankruptcy, you must know how to choose the most appropriate bankruptcy type that will solve your debt problems.  Common types of bankruptcy incudes Chapter 7 bankruptcy and Chapter 13,  but are you also wondering how to convert your Chapter 7 bankruptcy to Chapter 13 bankruptcy

At Westbrook Law Group, our most reputable team of bankruptcy attorneys can assist you in maximizing your bankruptcy-related rights. For decades, we have provided legal assistance to individuals who have or are experiencing bankruptcy. We will assist you in alleviating the stress of bankruptcy so that you may concentrate on regaining your financial independence.

Contact us now to arrange a free legal bankruptcy counseling. Our friendly customer service assistants are on standby and ready to assist you.

 

Why do I need a Bankruptcy Attorney in St. Charles, MO.?

converting your chapter 7 bankruptcy to chapter 13 bankruptcy attorneyExpect neither a speedy nor a smooth proceeding, regardless of whether you are filing for bankruptcy on your own behalf or on behalf of your firm. The process of filing for bankruptcy can be lengthy and confusing, but every situation is distinct and varied. A bankruptcy attorney in St. Charles possesses a significant amount of expertise, practical experience, and academic training. They will walk you through the entire process of converting your Chapter 7 bankruptcy to Chapter 13.

You may ensure competent representation in court by working with a bankruptcy attorney in St. Charles, Missouri that you hire on your own. You may find that this makes it easier for you to cope with the necessary paperwork, queries, and legal assistance. Our trusted attorneys from Westbrook Law Group have spent a significant amount of time in the field, they are familiar with the legal requirements you must meet. 

Schedule a free consultation with our trusted St Charles bankruptcy attorney. Let’s discuss how to convert your Chapter 7 to Chapter 13 today. We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

What is a Chapter 7 Bankruptcy?

Many people choose to file for bankruptcy under Chapter 7 because it is the “default” bankruptcy option. The purpose of chapter 7 is to create a new beginning. In addition to being far less time-consuming than the procedures for the other types of bankruptcy, it is the most common type of bankruptcy.

During the process of filing for bankruptcy under Chapter 7, the debtor’s assets are gathered and then distributed among the creditors. This may include cash, bank accounts, stocks, bonds, and other investments; a second car or truck; a vacation house; expensive valuable objects; collections of stamps, coins, and family heirlooms; a second home; a vacation home; expensive valuable items; or collections of family heirlooms.

Call today for a Free Consultation

When you’re in debt, it’s difficult to focus on anything else. But there are steps that you can take to get out of debt – even if your credit is damaged or your income has been cut off completely! Call our St. Charles bankruptcy attorneys at Westbrook Law Group to find out how to escape the shackles of debt and get relief in Missouri.

What is a Chapter 13 Bankruptcy?

In Chapter 13 bankruptcy, the debtor presents to the bankruptcy court a repayment and reorganization plan. The repayment plan details how a debtor would make payments to a Chapter 13 trustee, who will subsequently distribute payments to creditors over the course of three to five years. To approve the proposal, the court must determine that it was presented in good faith. “There is good faith when there is a reasonable probability that the plan will achieve a result compatible with the aims and purposes of the Bankruptcy Code.”

Chapter 13 bankruptcy is most desirable due to its flexibility. The parameters of the repayment plan are determined by the debtor, although creditors are involved in the process and the plan must adhere to certain Bankruptcy Code rules. The process of plan formulation and approval is addressed in a separate presentation. Once a plan is authorized, the case enters the repayment phase, during which the debtor makes payments as stipulated in the approved plan.

Conversion of Chapter 7 to a Chapter 13 Bankruptcy

The majority of filers prefer Chapter 7. It quickly eliminates qualifying debt and does not require a Chapter 13 repayment plan, so it’s easy to see why. In spite of this, it may be necessary to convert to Chapter 13 after filing, either voluntarily or by court order.

The process of converting your case is relatively uncomplicated in most courts. You have the right to convert, regardless of whether or not a creditor or trustee objects, according to a number of different courts’ interpretations of the law.

You must at least perform the following:

  1. submit a motion asking the court for approval,
  2. mail the motion to your creditors, the trustee, the United States Trustee, and anyone else who may be interested, and
  3. attend a quick meeting.

If there is no opposition to your motion and no resistance is provided, some courts will grant it without even holding a hearing on it. You are required to comply with additional requirements by many courts; as a result, you should check the local regulations that have been posted on the website of your court or speak with a bankruptcy lawyer who is familiar with the procedures that are followed in your court.

Call our St Charles Bankruptcy Lawyers Now!

Bankruptcy is an intimidating and sometimes embarrassing word for people that are dealing with cumbersome debt levels. But there is absolutely nothing to be ashamed of when you are struggling and are not sure what else to do. By reaching out to an experienced financial attorney, you can begin the first step in getting yourself back on track.

Considering bankruptcy conversion? Converting your Chapter 7 bankruptcy to Chapter 13 bankruptcy is something that we are able to handle successfully, as with other bankruptcy cases.

At Westbrook Law Group, we can assist with a number of financially distressing situations, including credit card debt elimination, wage garnishment, student loan debt and more.

Our bankruptcy lawyers are here round-the-clock 24/7 to assist with your legal issue regarding filing bankruptcy. Contact us today!

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