Can you convert from a chapter 13 bankruptcy to a chapter 7 bankruptcy and keep your home and car?

Answer 1

Yes, depending on your situation. You should contact an attorney to discuss how it will effect you.

Speak with an attorney about your specific situation. If you can not find an attorney, contact your local Bar association and they will refer you to one.

Answer 2

Individuals can't file a Chapter 11 (that's for businesses to reorganize under). The alternative to chapter 13 for individuals is Chapter 7, which is essentially a liquidation. Whether an individual can keep his house or not depends on the exemption laws in their state (the amount of assets that can be kept by the individual filing bankruptcy). The homestead exemption defines how much equity in the individual's home can be kept. Some states, like Texas and Florida, have generous homestead exemptions while others don't. The federal exemption set the homestead exemption at around 18K; individual states decide whether bankruptcy files must use state exemption amounts or may choose between state and federal exemption amounts.

Answer 3

It depends on whether you can afford to pay the second home's mortgage, taxes and maintenance along with your Chapter 13 plan payments. If there is no mortgage on it, and you have no exemptions left to apply to its value, you might be required to pay a 100% plan and may not be able to afford that. Consult an experienced bankruptcy lawyer.