Utah Notice of Conversion to Chapter 7 is a document filed by a debtor in a Chapter 13 bankruptcy case in Utah to convert the case to a Chapter 7 bankruptcy. This document must be filed with the Bankruptcy Court in order for the conversion to take effect. The Notice of Conversion to Chapter 7 includes the debtor's name, address, the case number, and the date the conversion is to take effect. There are two types of Utah Notice of Conversion to Chapter 7: voluntary conversion and involuntary conversion. Voluntary conversion is when a debtor files the Notice of Conversion to Chapter 7 to convert the case from a Chapter 13 to a Chapter 7 of their own volition. Involuntary conversion is when a Chapter 13 case is converted to a Chapter 7 due to the debtor's failure to comply with the terms of the Chapter 13 plan.
Utah Notice of Conversion to Chapter 7
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How to fill out Utah Notice Of Conversion To Chapter 7?
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FAQ
Generally, after conversion the trustee makes an accounting, and pays trustee's fees, attorney fees and/or adequate protection payments to creditors. Any remaining money is returned to the debtor. Only the debtor's property as of the filing date becomes property of the Chapter 7 bankruptcy estate.
You can change your Chapter 13 case to Chapter 7 at any time unless you have already gotten a Chapter 7 bankruptcy discharge within the prior eight years. The court will need you to file a Notice of Conversion and pay a conversion fee.
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.
Motions to convert to Chapter 7 for cause may be granted if the court examines the facts of the case and finds one or more of the following: The debtor has no profitable core business around which to structure a reorganization. The debtor cannot or will not formulate a reasonable reorganization plan.
Sometimes, conversion to Chapter 7 is necessary because you can't keep up with the payments required under your Chapter 13 plan, but conversion may be possible regardless of your reason. Depending on your situation, you may keep your house and car under Chapter 7, though generally the payment must be current.
Converting to Chapter 7 lets filers out of the three- to five-year Chapter 13 plan and erases qualifying debts in as little as four months. Conversion can be a great option, especially when you don't qualify to modify your Chapter 13 payment.
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.