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  1. #1
    Join Date
    May 2008
    Posts
    3

    Unhappy Conversion Of Chapter 13 To Chapter 7 - 8 Years After Chapter 7 Discharge

    My question involves bankruptcy in the state of: FL
    My husband filed for chapter 7 in 1999 (before we were married) and was discharged that same year. In 2005 I filed a personal chapter 7 (being married but only including my debt) and received my discharge in 2005. Then in 2007 my husband and I filed (together) a chapter 13 to keep one of our houses and one of our cars - and yes we have learned our lesson about credit cards and keeping up with the Jones's. We are current on our repayment plan (barely) and the repayment plan includes our 1st and 2nd mortgage and our car payments, which the Trustee then distributes. Here is the issue - since we filed we have had some major changes in our living situation...1st: we found out that we were pregnant (after a tubal ligation), 2nd: I lost my business income (I was in the mortgage business), and 3rd: We just found out that our dream house that we went into chapter 13 to keep is about to have 500KV power lines built within 350 ft (just out of the area that the electric company had to buy) and is worth $70K less than we purchased it for 18 months ago (making it impossible to sell). Now, since we know that we are not going to stay in this house we want to convert to a chapter 7 and relinquish the house so we can "start over". My question is: can this be done? Because I received a discharge on a chapter 7 less than 8 years ago, how would we convert...would we just have to take my name (and debt) off the chapter 13 and convert only in my husband's name? Also, do we need to be current on our chapter 13 payments in order to convert, or can we stop paying, knowing that we are converting? Lastly, if we convert to a chapter 7 and "give back" the house, can the mortgage companies sue us for the balance of the mortgage ($275K) versus the price the will get for the house ($195K) = $80K loss. My atty is out of town and will not be back for a week and I am stressing!! Please help

  2. #2
    Join Date
    Jan 2008
    Location
    Toledo, OH
    Posts
    16,307

    Default Re: Coversion Of Chapter 13 To Chapter 7 - 8 Years After Chapter 7 Discharge

    Keep paying and wait for your attorney to come back.

    You're obligated to uphold your end of the agreement until you have a new agreement, if you're even eligible for a new agreement.

    We can't answer that for you, you'll need your attorney to sort through your complex situation.

  3. #3
    Join Date
    Apr 2007
    Location
    Il.(near StL,Mo.)
    Posts
    5,252

    Default Re: Coversion Of Chapter 13 To Chapter 7 - 8 Years After Chapter 7 Discharge

    Agree, this is rather involved/complex. You will need to talk to your attorney who knows your situation.

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