New Jersey Notice of Funds On Hand In Case Converted From Chapter 13 to Chapter 7 is a document that is filed with the Bankruptcy Court when a Chapter 13 bankruptcy case has been converted to a Chapter 7 bankruptcy case. The Notice informs the Court of the funds and assets available to the Trustee for the benefit of creditors. It also informs the Court of the costs associated with such conversion. There are two types of New Jersey Notice of Funds On Hand In Case Converted From Chapter 13 to Chapter 7: 1) the Notice of Funds On Hand In Case Converted From Chapter 13 to Chapter 7 (Form A-7) and 2) the Notice of Funds On Hand In Case Converted From Chapter 13 to Chapter 7 (Form B-7). The Notice of Funds On Hand In Case Converted From Chapter 13 to Chapter 7 (Form A-7) is used when the case is converted to a Chapter 7 bankruptcy and a Trustee has been appointed. The Notice of Funds On Hand In Case Converted From Chapter 13 to Chapter 7 (Form B-7) is used when the case is converted to a Chapter 7 bankruptcy and no Trustee has been appointed. Both Forms provide information on the funds and assets available to the Trustee for the benefit of creditors, as well as the costs associated with such conversion.
New Jersey Notice of Funds On Hand In Case Converted From Chapter 13 to Chapter 7
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FAQ
Unless you have already received a Chapter 7 bankruptcy discharge within the last eight years, you can convert your Chapter 13 case to Chapter 7 at any time. To convert your Chapter 13 to a Chapter 7, you simply file a Notice of Conversion with the court and pay a conversion fee.
Sometimes, conversion to Chapter 7 is necessary because you can't keep up with the payments required under your Chapter 13 plan, but conversion may be possible regardless of your reason. Depending on your situation, you may keep your house and car under Chapter 7, though generally the payment must be current.
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.
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.
Though Chapter 13 requires you to commit to a payment plan, it does protect your property. So the downside of converting to Chapter 7 is that it leaves your property vulnerable. Chapter 7 is also more strict about what debts you can wipe out, so there is no guarantee that your debt will be eligible for a discharge.
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.
Motions to convert to Chapter 7 for cause may be granted if the court examines the facts of the case and finds one or more of the following: The debtor has no profitable core business around which to structure a reorganization. The debtor cannot or will not formulate a reasonable reorganization plan.
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.