Expert: Terry Leeders - 6/28/2009

Question
My wife and I have filed ch13 been through our court hearings and the judge
has signed off on our case but my wife does not want to go through the three
year period to pay off and be obligated to the trustee she wants to convert to
ch7 what does that mean and how much will we have to pay up front to do this
and could we be liable for any assects we have if we go ch 7

Answer
The court charges $25 to convert to chapter 7, your attorney may charge a fee for their services as well.  You must qualify incomewise for the conversion, also, any unprotected assets can be liquidated in a conversion as well.  Talk to your lawyer to see if conversion would be a viable option based on the facts of your case.