Is It Feasible To Convert Chapter 7 Bankruptcy Into A Chapter 13?

Among the requisites for applying Chapter 7 is that a debtor should not be able to manage paying back his or her own financial obligations and is having a hard time fulfilling basic needs. In the event that someone's source of income has changed, only then can a person be permitted to seek a conversion from Chapter 7 to a Chapter 13 bankruptcy. Other than increase of cash flow, an individual should have unsecured debt that is under $360,475. The U.S. bankruptcy court likewise prohibits individuals who have financial obligations of much more than $1,081,400 from filing a Chapter 13.

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