I am 2 years into a chapter 13 bankruptcy. I am about to lose my job because my employer is closing. What will it take to turn this into a c...

Question

I am 2 years into a chapter 13 bankruptcy. I am about to lose my job because my employer is closing. What will it take to turn this into a chapter 7 bankruptcy?

Answer

You will want to see numbers on your budget showing that you have less than $100 available to use towards paying debts after you pay your living expenses. See Schedules I & J.

You will also want to be able to pass the Chapter 7 Means Test.

If you already have an attorney, you should be discussing this issue with your attorney. There really is a substantial amount involved in qualifying to convert.

Hope this perspective helps!