Can I switch to a Chapter 7 Bankruptcy even though I've filed for Chapter 13?

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Yes, a Chapter 13 bankruptcy declaration can be converted into a Chapter 7 filing at any moment.

This most often occurs when a debtor realizes that there will be no possible way to successfully complete a Chapter 13 filing, i.e. that he or she is incapable of meeting the payment plan requirements, and thus has no other choice but to turn to filing a Chapter 7.

Despite this positive, there are some glaring negatives to this decision. For instance, property is no longer secure and safe. Also, there is a good chance that the person will be unable to receive a complete Chapter 7 discharge from a converted case if there has been a recent filing for Chapter 7.

Next Page: What are the circumstances in which a business should decide to file for Bankruptcy?

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• What is Business Bankruptcy?
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• When should I choose Chapter 13?
• Can I switch to a Chapter 7 Bankruptcy even though I've filed for Chapter 13?
• What are the circumstances in which a business should decide to file for Bankruptcy?