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If you already filed chapter 13 is it possible to change it to a chapter 7 and keep your property and house and give back your automobile?

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2005-10-26 14:08:39
2005-10-26 14:08:39

You can convert your Chapter 13 fo a Chapter 7 if you are eligible for a Chapter 7 discharge. In most cases, you can turn the car back in and the lender would hae the right to file a proof of claim to the extent they weren't able to sell it for the full amount of the loan. The amount property that you can keep is determined by state law. All states have a homestead exemption to protect the equity in your house, but the chapter 7 trustee could sell your home anyway if you have a boat load of equity. Filing for bankruptcy also became a lot more complicated starting 10/17/05, so you should see a qualified bankruptcy attorney in you state before taking and further action.

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