Originally posted by flashoflight
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Originally posted by flashoflight
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Also according to alllaw, you can convert if "Your property is worth more than you thought. If you can’t exempt your property because you underestimated its worth, you might want to convert to Chapter 13 because it lets you keep your property. https://www.alllaw.com/articles/nolo...7-13-case.html
Another article to quote: "Chapter 13 bankruptcy is also advantageous for those who have significant ‘non-exempt’ assets. For example, in North Carolina a married couple filing jointly can protect up to $70,000 of equity in their home. If a married couple has filed a chapter 7 mistakenly believing they have little or no equity in their home only to find out there is $90,000 of equity, they may convert to a chapter 13 and pay out the value of that non exempt equity ($20,000) over time rather than having the trustee sell the home to satisfy creditor’s claims. Please note that in this example the couple would also have the option of paying to the trustee the $20,000 (or a negotiated sum) in a lump sum payment to prevent the home being sold." https://www.natlbankruptcy.com/conve...13-bankruptcy/
How in the heck doesn't anyone come up with $20,000 in a bankruptcy though? Things that make you go hummm...
Originally posted by flashoflight
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Also you assume way to much. Yes the Trustee has a job to do but not all are out to rape you. And the judge doesn't always rule in their favor and neither do the appeal courts. Please have a look at this complicated pro se case whereby they won against the Trustee. https://www.govinfo.gov/content/pkg/...cv-00361-0.pdf
Originally posted by flashoflight
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Originally posted by flashoflight
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