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Yes converting a Chapter 13 to a 7 will further lower your credit score. It will show up on the public records section at the begining of the credit report. Once as an terminated chapter 13 and a second public record showing the filing of the Chapter 7. Each public record reduces your score.

You can potentially be discharged from a Chapter 7 sooner and that's will be the time the clock will start ticking to eventually make it disappear from your credit report which I believe is 7 years for most derogatory entries

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โˆ™ 2014-11-23 18:40:53
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Q: If you convert a chapter 13 bankruptcy to a chapter 7 will this further affect your credit scores?
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Related questions

How can you convert a chapter 13 bankruptcy to a chapter 7?

Before the new bankrupcy laws took affect it was a fairly simple matter to conver from a "13" to a "7"; now it is extremely difficult to have such action approved by the bankruptcy court. The best options are to consult with the attorney who handled the BK or contact the chapter 13 trustee for assistance.


Does a chapter 7 bankruptcy affect your credit the same as a chapter 13?

Yes.


How does chapter 11 bankruptcy affect you?

Chapter 11 bankruptcy allows you to reorganize your debt so that you may pay it off. But it is not for everyone. You should contact a lawyer to see if you could even qualify for Chapter 11 bankruptcy.


If you file for chapter 7 bankruptcy and have no assets will it still affect you later?

Yes, a Chapter 7 bankruptcy is a Chapter 7 bankruptcy. The exact details are irrelevant, it will remain on your credit report and prevent you from refiling for the same length of time either way.


Will I get a stimulus check if I am in chapter 13 bankruptcy?

Filing for bankruptcy will not impact whether you receive a stimulus check or not. Checks that affect your bankruptcy must be significant amounts.


Husband and you are separated can you file bankruptcy?

You can file bankruptcy together or individually when you are separated. What happens in your separation could affect your ability to file Chapter 7 and you may have to file Chapter 13 instead.


How many years will bankruptcy affect your credit?

According to law, bankruptcy can affect your credit for a long time after you originally file for it - up to ten years (seven, if Chapter 13 is filed).


Will filing bankruptcy affect your car insurance?

I have file for Chapter 7 twice and it has had no effect on my car insurance.


Can my spouses' chapter 7 bankruptcy affect my inheritance?

No, unless you both filed a joint BK petition.


If you are about to get married and you are filing Chapter 7 bankruptcy will this bankruptcy affect your spouse in any way after the marriage?

It will only affect the non-filing spouse if the couple apply for some type of joint credit, such as a home mortgage. It will not affect the new spouse's credit report/score.


During a chapter 13 bankruptcy can creditors charge unpaid late charges?

Maybe. A chapter 13 is a repayment plan and in some instances will not affect the terms of the lender and borrower contract.


How long do you have to wait to file another chapter 7 if you filed one before the new bankruptcy laws took affect?

8 years from the date of discharge of the previous chapter 7.


If a person has filed chapter 13 bankruptcy and their financial circumstances change what can they do?

It is very important that the BK participants contact the bankruptcy trustee as soon as possible when they experience changes that directly affect the filing status.


Before discharge of a chapter 7 active bankruptcy can you apply for credit or will it affect you bankruptcy?

No legitimate commercial lender will grant you credit while you are in a Chapter 7. Any applications will be turned down and will adversely affect your credit score. The only possible credit situation would be a mortgage restructuring, if you are reaffirming the mortgage, and even then they prefer to wait until you are discharged.


If you file a chapter 7 bankruptcy will that negatively affect you?

Absolutely. Tremendously. A huge amount. For a long time. at least 10 years.


How does surrendering your house in chapter 7 affect your credit report?

If you are surrendering your house anyways, it is usually better for your credit score if you do it through bankruptcy. If your house is foreclosed on before you file bankruptcy, then your credit score is hit by both the foreclosure and the bankruptcy. If you let your house go back through bankruptcy, instead, then your credit score is only hit by a bankruptcy.


Will a cosigner's credit be affected if they cosign for someone who has a bad credit score because of a Chapter 7 bankruptcy?

The cosigner's credit will only be affected if the person that they cosign for defaults on the loan. The bankruptcy will not affect the cosigners credit.


Can you buy a home under bankruptcy?

If our home is in foreclosure,and never reaffirmed the debt through chapter 7-how will it affect us getting a home?


Filing for Bankruptcy?

No one ever plans to file for bankruptcy, but if you ever find yourself in a financial bind, filing for bankruptcy to remove most of your debts may be the only alternative you have to start over again and reclaim your life. By filing for bankruptcy, you can protect yourself from creditors that may try to repossess your property and who often make harassing calls to your home. In the United States, individuals that need to declare bankruptcy can file for either chapter 7 or chapter 13 bankruptcy protection. Chapter 7 bankruptcy protection is the typical bankruptcy that everyone thinks of when they hear the word. In chapter 7 bankruptcy, the courts will try to liquidate your assets in order to pay off your creditors. Once all your assets have been sold off, the rest of your debts will be discharged by the bankruptcy court. Chapter 13 bankruptcy is slightly different. Chapter 13 bankruptcy is often called a working man's bankruptcy and is intended for people that have jobs. In chapter 13 bankruptcy, your bills become reorganized and consolidated. You will then have to work out a payment plan for the courts. Once the court has approved your plan, you have a certain amount of time to pay off your debt according to the plan. Should you fail to adhere to the plan, your bankruptcy protection will be nullified, opening you up once again to creditors. In order to qualify for chapter 7 bankruptcy protection, you need to pass what the government calls a means test. In order to pass the means test and meet the qualifications for chapter 7 bankruptcy, you need to earn less than the median income of the state in which you reside. If you earn more than $167 over the median income of the state you do not qualify for chapter 7 bankruptcy. Many people want to qualify for chapter 7 because it discharges most of their debts instead of making them repay it later as in chapter 13. Chapter 7 and chapter 13 bankruptcies can eliminate most debts, but some debts can almost never be discharged by bankruptcy courts. This includes student loan debts, lawsuit awards, spouse and child support, and most taxes. Also before filing for bankruptcy it is important to know how a filing can affect the rest of your life. For one thing, chapter 7 stays on your credit report for up to 10 years. Chapter 13 bankruptcy will remain on your credit report for 7 years. Having a bankruptcy on your credit report will make it difficult to obtain loans, get credit cards, find housing, or even gaining employment.


How will filing for divorce affect a Chapter 13 bankruptcy?

i believe that Bankruptcy planning should be done before the final divorce decree is obtained. This way your required payment of joint debts may be discharged without violating a court order.


If your fiancee files a chapter 7 bankruptcy and you get married how will that affect you?

It will only become an issue if you apply for joint credit such as a mortgage, vehicle financing, and so forth.


Does buying a new car with an open bankruptcy affect your bankruptcy?

If you filed a Chapter 7 bankruptcy and buy a car before the discharge is issued, there's no impact on your case. If you're in Chapter 13, however, your disposable income post-filing until discharge may be considered property of the estate; in addition, if you're financing the new car then you likely need to have the court's permission before entering into the financing agreement.


Will bankruptcy affect your car that is being used to secure a loan?

As long as you keep making the loan payments the creditor wont care if you declare bankruptcy. If doing a cram-down in a chapter 13, the lender would have to accept the current value of the car.


Can a person file bankruptcy again after 7 years?

Under current law, you are eligible to receive a Chapter 7 discharge if it has been more than 6 years since your last Chapter 7 discharge. However, new bankruptcy laws taking affect October 17, 2005 create new rules on receiving a discharge: Chapter 7 cannot be filed unless the debtor was discharged from the previous Chapter 7 or Chapter 11 bankruptcy more than eight years ago. Chapter 13 cannot be filed unless: The debtor received a discharge under Chapter 7, 11 or 12 more than four years ago; or the debtor received a discharge under Chapter 13 more than two years ago.


Can one open checking account after declaring bankrutcy and if so does it affect the status of the bankruptcy?

After declaring bankruptcy it is smart to wait six months before obtaining a new account. If a trustee finds that you have XXXX amount of dollars in bank B after closing an account at bank A it will look as if you tried to defraud the bankruptcy law. For chapter 7 wait until discharge for chapter 13 as long as you are making timely payments it doesn't matter.