in ch 13 thinking of going to ch 7

[papa0881]

topic is in ch 13 thinking of asking lawyer to take it to a ch 7... i haven not been able to make full payment on my bk 13 for 3 mo, i have been sending money though, just not full payment..


i own alot of assets, and of course do not wish to loose them, i was wondering if i went into a ch7 would i loose everything or? should i get rid of some of the items before i do this, like some of the things that i do not want just keep in our name?

i included the biz and myself on the ch 13..... what solutions do i have left for myself? i am at the bottom of the pot and do not have one to pee in!

do i loose items when in ch 13 and switching to a ch 7?

[HHM]

It depends on the assets and your state's exemptions. Whether you can keep assets depends on whether the state provides enough exemptions to cover the equity in those assets.

Also, is your income such that you can even qualify for a 7.

[AboutToBK13]

topic is in ch 13 thinking of asking lawyer to take it to a ch 7... i haven not been able to make full payment on my bk 13 for 3 mo, i have been sending money though, just not full payment..


i own alot of assets, and of course do not wish to loose them, i was wondering if i went into a ch7 would i loose everything or? should i get rid of some of the items before i do this, like some of the things that i do not want just keep in our name?

i included the biz and myself on the ch 13..... what solutions do i have left for myself? i am at the bottom of the pot and do not have one to pee in!

do i loose items when in ch 13 and switching to a ch 7?

Talk to a lawyer before selling any of your assests. The Trustee might have a claim on them if he/she finds out that they were sold (i.e., wants the money). And converting to a Ch 7, the sales stands a good chance of surfacing to all of the reviews.

[papa0881]

income is $13000 a year plus commisions, etc etc no idea what the income deadlines are

[lrprn]

income is $13000 a year plus commisions, etc etc no idea what the income deadlines are

Papa, if you look back the last six full calendar months (June 1 through Nov 30, 2007) and add up ALL your sources of income including all the commissions that you received during that time, how much is that?

And which state do you live in?

[papa0881]

$10k for 6 mo, PA WDPA

[AboutToBK13]

$10k for 6 mo, PA WDPA

papa0881, we are in PA WDPA (just south of Pittsburgh) as well. Our lawyer indicated that the Ch 13 trustee is pretty tough. Hopefully, she will/has gone easy on you.

[papa0881]

called them yest, they said once you become 3 mo past due they start the proceedings on removal of your case, the computer will pick my name out next month, this giving me much time to get the funding together, i will have no problem thank god!

but still thinking of going ch 7, this way i do not have to have nightmares at night when i am trying to sleep.....

[Minnymouth]

Any assets that are not covered by exemptions will be sold in a Chapter 7 till payment to the creditors are justified. So if you have a lot of assets you were trying to save in Chapter 13, don't be surprised when they are sold in a Chapter 7....

[lrprn]

$10k for 6 mo, PA WDPA

So you make $20K/year and live in PA. That is very far below the median for a family of any size in PA.

It's hard to understand how you ended up in a 13 to start with. Converting to a 7 now with this last six months income should be pretty straightforward.

What you get to keep if you convert to Ch 7 depends on how much you can protect with the PA exemptions (which are very stingy) - http://www.bankruptcyinformation.com/PA_exemp.htm . Luckily you can use the federal exemptions if you prefer - they are much more generous - http://www.bankruptcyinformation.com/exemp-fed.htm

[papa0881]

i do not want to loose any of my assets, i was also considering going with business bankruptcy.... i think it would be ch 11???? not to sure.... whatever bk it is in business to pay all your debt back is the one im thinking of, but about 75% of the debt is in my name, not the business, would this become a problem?

[HHM]

What assets were you trying to save? (maybe time for a reality check on the "things" you have).

Chapter 11's are expensive and very complicated. Generally, unless your debts are in excess of $500K and assets in excess of $1MM, a chap. 11 is a needless expense.

[papa0881]

assets are around 1.5m and debt is 250k

i looked on this site for ch 11, did not find anything

[papa0881]

assets are tools, office equip, trucks, trailers, mowers, etc etc etc, anything a medium sized landscaping company owns. but not like the neighborhood landscaping.