Tennessee NOTICE of CONVERSION FROM CHAPTER 13 CASE TO CHAPTER 7 CASE AND NOTICE TO EMPLOYER TO CEASE CHAPTER 13 PAYROLL DEDUCTIONS is a legal document issued to an employer in the state of Tennessee when a Chapter 13 bankruptcy case is converted to a Chapter 7 bankruptcy case. This notice informs the employer that the payroll deductions previously taken for the Chapter 13 plan must be discontinued. It also provides the employer with the new case number for the Chapter 7 bankruptcy. There are two types of Tennessee NOTICE of CONVERSION FROM CHAPTER 13 CASE TO CHAPTER 7 CASE AND NOTICE TO EMPLOYER TO CEASE CHAPTER 13 PAYROLL DEDUCTIONS: (1) Individual Notice, which is issued to an individual employer, and (2) Group Notice, which is issued to multiple employers. Both notices must include the debtor's name, case number, and the new Chapter 7 case number, as well as instructions to cease payroll deductions for the Chapter 13 case.
Tennessee NOTICE of CONVERSION FROM CHAPTER 13 CASE TO CHAPTER 7 CASE AND NOTICE TO EMPLOYER TO CEASE CHAPTER 13 PAYROLL DEDUCTIONS
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How to fill out Tennessee NOTICE Of CONVERSION FROM CHAPTER 13 CASE TO CHAPTER 7 CASE AND NOTICE TO EMPLOYER TO CEASE CHAPTER 13 PAYROLL DEDUCTIONS?
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FAQ
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.
Once the court confirms the plan, the debtor must make the plan succeed. The debtor must make regular payments to the trustee either directly or through payroll deduction, which will require adjustment to living on a fixed budget for a prolonged period.
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.
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).
Fortunately, the Bankruptcy Code allows an eligible debtor to convert from chapter 13 to chapter 7. Conversion from chapter 13 to chapter 7 under Bankruptcy Code section 1307(a) most commonly occurs when an above median income debtor either loses a job or has reduced pay if the Means Test so allows.
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.
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.