North Carolina Conversion From Chapter 13 To Chapter 7 Forms and Information is a set of documents and instructions for individuals who are looking to convert their current Chapter 13 bankruptcy filing into a Chapter 7 bankruptcy filing in the state of North Carolina. This conversion process provides debtors with the opportunity to cancel their existing repayment plan and liquidate their assets, allowing them to discharge their debts and start fresh. The forms and information needed to convert a Chapter 13 bankruptcy filing into a Chapter 7 bankruptcy filing in North Carolina include: a petition for conversion, a statement of intent, a statement of current monthly income and a means test calculation. Additionally, debtors must provide proof of payment of all administrative costs associated with the conversion, including the filing fee, and any applicable taxes. The types of North Carolina Conversion From Chapter 13 To Chapter 7 Forms and Information include: a petition for conversion, a statement of intent, a statement of current monthly income and a means test calculation, and proof of payment of all administrative costs.
North Carolina Conversion From Chapter 13 To Chapter 7 Forms and Information
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However, if you file under Chapter 13 and later convert to Chapter 7 (generally because you don't keep up with your plan payments) you'll have to pay a conversion fee of $25. Aside from the filing fees, you'll be required to obtain credit counseling and take a personal financial management course.
Converting to Chapter 7 lets filers out of the three- to five-year Chapter 13 plan and erases qualifying debts in as little as four months. Conversion can be a great option, especially when you don't qualify to modify your Chapter 13 payment.
You have a right under federal law to convert your case to Chapter 7. You also have the right to dismiss your case in most circumstances. As long as you're eligible to receive a discharge under Chapter 7, you can convert your case at any time. The discharge will occur approximately 90 days after you convert your case.
A Motion to Convert/Reconvert Case to Chapter 7 is generally filed by the debtor or debtor's counsel, but may also be filed by the trustee or other parties in interest to request that a case filed under a different chapter be converted to Chapter 7.
Under the Bankruptcy Code, if you incur new debt through no fault of your own after you file a Chapter 13 but beforeyou convert it to a Chapter 7 case, the debts are treated as though they are pre-petition debts. This means that they're discharged in the Chapter 7 case after conversion.
To convert your Chapter 13 to a Chapter 7, you simply file a Notice of Conversion with the court and pay a conversion fee. However, keep in mind that you must still qualify for Chapter 7 bankruptcy in order to complete your case and receive a discharge (discussed below).
You can change your Chapter 13 case to Chapter 7 at any time unless you have already gotten a Chapter 7 bankruptcy discharge within the prior eight years. The court will need you to file a Notice of Conversion and pay a conversion fee.