Posted On: May 6, 2010
When It Makes Sense to Convert Chapter 13 Bankruptcy to Chapter 7 Bankruptcy
A Jacksonville bankruptcy lawyer notes that there are certain circumstances when it may make sense for those who are in Chapter 13 bankruptcy to convert to Chapter 7 bankruptcy.Florida bankruptcy law allows debtors to convert from Chapter 13 bankruptcy to Chapter 7 bankruptcy at any time during the repayment period.
This can be a useful provision if:
- Your financial condition has changed dramatically and you are no longer able to make your scheduled payments according to your Chapter 13 bankruptcy plan. The most common reason for this is the loss of a job.
- The size of your household has changed and you have increased expenses to support those people. This can occur if you must take in an elderly relative, or if you have a child.
- You incur significant medical debt because of an illness or accident and cannot afford to pay your medical bills.
You should first consult with a Florida bankruptcy lawyer to determine if you qualify for a conversion from Chapter 13 to Chapter 7 bankruptcy.
If you need help navigating the intricacies of filing Florida bankruptcy, contact our Jacksonville, Florida bankruptcy law firm.
Greg Gilbert
Keith Maynard
