A New Jersey Order Converting Case to Chapter 7 is a document that is filed in a bankruptcy case when a debtor wants to change the filing from a Chapter 13 to a Chapter 7 bankruptcy. This document is part of the U.S. Bankruptcy Code and is authorized by the U.S. Bankruptcy Court for the District of New Jersey. The order will explain the reasons for the conversion, and will also state the date on which the conversion will become effective. There are two types of New Jersey Order Converting Case to Chapter 7: Voluntary Conversion and Involuntary Conversion. Voluntary Conversion occurs when a debtor files a motion to convert his/her case from Chapter 13 to Chapter 7. Involuntary Conversion occurs when creditors of the debtor file a motion to convert the case from Chapter 13 to Chapter 7. In either case, the debtor must receive a notice of the conversion and an opportunity to object to the same. The Order Converting Case to Chapter 7 is the official document issued by the court to convert the bankruptcy case from Chapter 13 to Chapter 7.
New Jersey Order Converting Case to Chapter 7
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How to fill out New Jersey Order Converting Case To Chapter 7?
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FAQ
A debtor in a case under chapter 11 has a one-time absolute right to convert the chapter 11 case to a case under chapter 7 unless: (1) the debtor is not a debtor in possession; (2) the case originally was commenced as an involuntary case under chapter 11; or (3) the case was converted to a case under chapter 11 other
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.
Assuming that converting to Chapter 7 is in the best interest of creditors, the court will grant the motion and a trustee will be appointed to liquidate the debtor's assets and distribute the proceeds to creditors.
Most bankruptcy cases pass through the bankruptcy process with little objection by creditors. Because the bankruptcy system is encoded into U.S. law and companies can prepare for some debts to discharge through it, creditors usually accept discharge and generally have little standing to contest it.
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.
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.