Converting your Chapter 13 Bankruptcy to Chapter 7 in WI | Milwaukee, WI

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Home 9 Bankruptcy 9 Converting your Chapter 13 Bankruptcy to Chapter 7 in WI

Bankruptcy Attorney in Milwaukee, WI

When you file for Chapter 13 Bankruptcy, a loss of income or unexpected medical bills may prevent you from keeping up with your monthly payments. Pretty soon, you will no longer be able to pay your Chapter 13 plan dues consistently, which is a problem if you’re trying to achieve debt relief or increase your credit score. Though you are able to adjust your Chapter 13 Bankruptcy payment plan, a better option would be converting your Chapter 13 Bankruptcy to Chapter 7.

Similar to all Bankruptcy chapters, a Chapter 13 Bankruptcy case is one of the United States government’s ways to assist individuals in clearing their debt. This method, however, still requires you to make a regular Chapter 13 payment to your creditors until you’ve paid your remaining balance during the agreed-upon period. You should consider converting your Chapter 13 Bankruptcy to Chapter 7 if you feel that you’re no longer able to afford to make the needed payments.

If you find yourself in this situation, you will need an experienced Wisconsin Bankruptcy attorney to walk you through how to convert Chapter 13 to Chapter 7. If you live near Milwaukee, then Miller & Miller Law, LLC has the right person for the job! Give us a call today to schedule an appointment.

Why Do I Need a Bankruptcy Attorney in Wisconsin?

Probably the most stressful part of being in so much debt is having to continuously receive calls from your creditors, collection agencies, and other interested parties. Our Bankruptcy attorneys at Miller & Miller Law, LLC will thoroughly review your current financial status and work with you to determine how you can get out of debt quickly. We will provide all the guidance you need during the Bankruptcy proceedings, which includes how to convert Chapter 13 to 7.

 Each Bankruptcy attorney on our team works hard to give the best possible legal services for every client by:

  • Being committed to giving clients a chance at becoming financially free
  • Being dedicated to helping individuals struggling with debt get their normal lives back
  • Having the necessary experience to tackle any possible scenarios certain unique cases may present
  • Having the ability to provide highly-personalized legal assistance to all clients
  • Having the capability to handle a wide range of legal problems outside of Bankruptcy

If you’re having a tough time keeping up with your Chapter 13 case dues and need to know how to convert Chapter 13 to Chapter 7, avail of Miller & Miller, LLC’s law FREE case evaluation by contacting us today.

What is Bankruptcy?

Bankruptcy is a federal legal process by the United States government made to help an individual or group clear their debt or create a plan to gradually pay back what they owe. Contrary to what some people think, Bankruptcy can be a good thing as it acts as a safety net for an individual, family, or business that owes a large sum of money.

In the state of Wisconsin, the two most common types of Bankruptcy chapters most individuals file for are Chapter 13 (Consumer reorganization) and Chapter 7 (Liquidation). Before you even think of converting your Chapter 13 Bankruptcy to Chapter 7, it’s essential to know the basics of both.

What is Chapter 13 Bankruptcy?

Also called the wage earner’s plan, Chapter 13 bankruptcy allows you to develop a repayment plan to clear all your debt within three to five years. If your monthly income at the time of filing is greater than the applicable state median, your plan will be for five years. If your monthly income at the time of filing is less than the applicable state median, your plan will only be for three years, unless a longer period is approved by the bankruptcy court.

The main advantage of filing for Chapter 13 bankruptcy is the chance to keep all your properties intact. Also, you won’t be directly in contact with your creditors while under Chapter 13 protection. Nonetheless, you are still obliged to pay your dues within the set period, which can get quite expensive as time passes, and that is a huge factor that may force you to consider converting your Chapter 13 Bankruptcy to a Chapter 7 case.

What is Chapter 7 Bankruptcy?

Unlike Chapter 13, filing Chapter 7 Bankruptcy doesn’t include creating a three to five years repayment plan. Instead, it is where a Chapter 7 trustee gathers and sells most of your property that is unprotected by exemptions. Also called liquidation, Chapter 7 filing will most likely result in you losing much of your property, making it crucial to know which of them are exempt before choosing to go through the process.

It is crucial to know which of your property can be exempted from liquidation to prevent having all of your valuables taken away from you.  Under normal circumstances, you can keep your car, social security, and other personal belongings like your clothes. You will also be required to take a means test before Chapter 7 bankruptcy filing. Nonetheless, talking to a trustworthy Milwaukee Bankruptcy attorney about these bankruptcy exemptions should give you a better idea of what to expect during the Bankruptcy proceedings.

What is the Process of Converting your Chapter 13 Bankruptcy to Chapter 7?

Apart from significant changes in financial status, another reason for converting your Chapter 13 bankruptcy to Chapter 7 is the willingness to surrender certain property like a house or a car you initially wanted to keep.

If you’re looking to get Bankruptcy relief by switching from Chapter 13 to Chapter 7, you should first accomplish all the Chapter 7 bankruptcy eligibility requirements. After that, you will file a Notice of Conversion with the bankruptcy court. They will then determine if you can receive a discharge and have your case closed.

Per the Bankruptcy Code, you must do the following before filing for Chapter 13 bankruptcy or converting your Chapter 13 Bankruptcy to Chapter 7 plan:

  • Appear before the Bankruptcy court within 180 days before your Bankruptcy petition and follow orders, and accomplish the paperwork that they’ll require.
  • Attend counseling done by an approved credit counseling agency either individually or within a group (barring emergencies when there is a lack of approved agencies as determined by a bankruptcy trustee).
  • Attend a creditors meeting even if you already attended one when you filed for Chapter 13 Bankruptcy.
  • Pass a means test and a totality of the circumstances test before converting your Chapter 13 Bankruptcy to Chapter 7.

Seek help from a Wisconsin Bankruptcy attorney who will determine the following:

  • Check if you have a low enough monthly income.
  • Confirm if you have not received Chapter 7 discharge within the last eight years.
  • See if you have property protected by bankruptcy exemptions and which ones you would likely have to give up. 

To learn more about how to convert Chapter 13 to Chapter 7 and if you’re immediately qualified for additional debt relief, talk to our Bankruptcy lawyer today!

Call our Milwaukee Bankruptcy Attorney Now!

No matter which chapter you choose to file for, choosing to go through the Bankruptcy process is one of the most difficult decisions one can make. That’s why you will need all the help you can get – something our Bankruptcy law attorneys at Miller & Miller Law, LLC is fully capable of giving!

Besides walking you through how to convert Chapter 13 to 7, we also offer excellent legal services in the following practice areas:

If there’s anything else you need to know about converting your Chapter 13 Bankruptcy to a Chapter 7 case, drop by our law office so we can do a FREE CASE EVALUATION of your Bankruptcy case.

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A lawyer from Miller & Miller, LLC can walk you through the foreclosure process, help direct you to the right path for stopping foreclosure, and formulate strong defenses to help you obtain the best outcome possible.

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