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    I have question for a friend.

    when converting from a 13 to 7 Do u still have to give up possessions like motorcyle, vehicles ect.?

    #2
    If they are over the exemption levels, then it is a good possibility.
    Most of my information is from personal experience or HOURS and HOURS of online research. When you're searching online, keep in mind there is no guarantee that the info is completely up to date, and your situation is unique from anyone else's. Do your homework, and consult with an attorney so you can make an informed decision.

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      #3
      Originally posted by nature
      when converting from a 13 to 7 Do u still have to give up possessions like motorcyle, vehicles ect.?

      If you paid into the chapter 13 plan what they would get if you filed a chapter 7 then no you don't have to surrender the property. Example: if the property is worth $5000 at fare market value and the debtor paid at least $5000 into the plan then they can keep the property.

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        #4
        The trustee told him that he had until 1-13-06 to convert to a chapter 7 or the case would be dismissed without further notice..Would a trustee let him keep his possession or would he want them to sell to pay debt`s off?

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          #5
          Its probably going to depend on his case. We don't know enough to venture a guess. It will depend on how much non exempt stuff he has paid, and how much he has already paid to his unsecured creditors. Would be best to talk to his attorney.
          Most of my information is from personal experience or HOURS and HOURS of online research. When you're searching online, keep in mind there is no guarantee that the info is completely up to date, and your situation is unique from anyone else's. Do your homework, and consult with an attorney so you can make an informed decision.

          Comment

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