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Can I change from one chapter of bankruptcy to another?
Answered By Editor
Yes, you may change from one chapter of
bankruptcy to another. The change is subject
to approval by the court and is usually based
on the type of bankruptcy you originally
filed. The court will consider what is
involved in liquidating assets according to
your bankruptcy plan.
It is more difficult for a business to change
their bankruptcy form than for an individual.
Businesses often have detailed plans
outlining how their outstanding debts and
obligations will be handled during the course
of a bankruptcy. An individual will want to
consider the ramifications of changing their
bankruptcy form on their credit. Before
deciding to change the form of bankruptcy
chosen, be sure to speak with your bankruptcy
lawyer in detail concerning how your court
budget will change and how it will affect
your credit after the bankruptcy is resolved.
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