Converting Bankruptcy Plans

In the face of job-loss, loss of income from a spouse, or other life-changing events that can adversely affect an individual’s financial situation, desperation may set in when bills and other payments become due. Fortunately, people often have options for getting rid of unsecured debt and protecting their homes through bankruptcy, and they may even have options to alter their plans during the proceedings.

If you are facing serious financial distress, it may be wise to consider filing for bankruptcy to avoid collection calls and possible foreclosure. If you would like to know more about bankruptcy plans, contact the Boston bankruptcy attorneys of Joshua Spirn & Associates at 800-975-5346.

Converting to a Different Plan

Persons wishing to switch to a different plan may be able to:

• Convert their Chapter 13 bankruptcy into a Chapter 7, especially after the plan has been in place for several years.
• Few people choose to convert a Chapter 7 to a Chapter 13, but if your financial situation changes drastically and you make over $60,000 per year, a judge may require you to convert your filing to a Chapter 13

When a person chooses to convert their Chapter 13 bankruptcy filings to a Chapter 7 bankruptcy plan is often informally referred to as a “Chapter 20″ bankruptcy. Under this type of plan, the individual often follows the original plan and makes payments for several years, and then may be able to discharge the remainder of the debt completely toward the end of the process.

Contact a Boston Bankruptcy Lawyer

If you would like to know more about the different types of bankruptcy and your legal options, contact the Boston bankruptcy lawyers of Joshua Spirn & Associates at 800-975-5346 today.