Legal Question in Bankruptcy in Utah
Converting a Chpt 13 to a Chpt 7
I am currently in a Chap 13, and have come to find out that it probably was not my best option, and would like to convert to a Chpt 7. I was told that if I convert my Chapter 13 which was filed in Oct of 01 to a Chaper 7, I will loose my 93 Mustang, which was paid for with cash way before my filing. This is my only means of transportation. I was told that if I dismiss my 13 and refile I would not loose my car, but I am afraid a dismissal of a 13 on my credit will not look good(?) The name on the title of my car is in both mine and my mothers name also? What rights do I have for keeping my car?? Any? If I was to dismiss & refile is there legal aid? And do you know how the dismiss & refile would look to creditors?
2 Answers from Attorneys
Re: Converting a Chpt 13 to a Chpt 7
In chapter 7 you would be entitled to keep a car as long as the equity in the vehicle is not over $2500.00. Presumably your 93 Mustang is worth more than that so it is likely the trustee would sell it. However, I don't think there is any negative effects to refiling a chapter 13 especially if this is the only time you have refiled. I handle cases in Salt Lake City. Please feel free to call me to discuss your situation in more detail. ph. (800) 303-0720
Re: Converting a Chpt 13 to a Chpt 7
You can negotiate with the trustee to keep your Mustang - he may want you to make a payment to the court for your equity. But that old of a Mustang may not be worth much money. Find out what the trade in value is - which is probably the amount you would have to pay to the court.
You can dismiss the Ch13 with a motion, or by failing to make payments. You can refile a Ch 7 after dismissing. You will need to watch for the qualifications for Ch 7 vs Ch 13. You creditors will not make an significant distinction between the two forms of bankruptcy.
Related Questions & Answers
-
Can the Bankruptcy Court put restrictions on attorney fees? Are there bankruptcy... Asked 11/11/02, 2:55 pm in United States Utah Bankruptcy Law
-
What To Do? Hello- Here is my problem: I owned a small business and American... Asked 10/30/02, 7:22 pm in United States Utah Bankruptcy Law
-
Name changing I filed for bankruptcy three weeks before my wedding. Do I need to... Asked 10/10/02, 2:05 pm in United States Utah Bankruptcy Law
-
House loan ,divorce decree ,bankruptcy 20,000 loan on house made. Spent money on... Asked 9/04/02, 11:24 pm in United States Utah Bankruptcy Law
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
