Can I Change My Mind After I File for Bankruptcy?

If you are considering filing for personal bankruptcy in Illinois, it is important to discuss your circumstances with an Oak Park bankruptcy lawyer to ensure that bankruptcy is the right course of action for you. To be sure, you should give significant thought to filing for bankruptcy before you actually do so since making changes to your case can be complicated. Yet you may be wondering if it will be possible to change your mind once you file a bankruptcy petition. It will depend upon what you mean by changing your mind, but in short, you may be able to have your case dismissed or to convert your bankruptcy case to a different chapter.

Asking to Have Your Bankruptcy Case Dismissed After You Have Filed

Once you have filed for bankruptcy, can you ask the bankruptcy court to dismiss your case so that you do not go through with the bankruptcy? Generally speaking, it is possible to have the bankruptcy court dismiss your case if you no longer want to go through with the bankruptcy. However, whether the court will dismiss your case will depend upon your particular circumstances. In most circumstances, it will be necessary to provide the court with a reason for seeking the dismissal. Further, if one or more of the creditors objects to the dismissal, it may be more complicated to have the case dismissed.

Before you ask the court to dismiss your bankruptcy case, it is essential to discuss your reasons with a bankruptcy lawyer and to seek assistance from your lawyer with the dismissal.

Asking to Convert Your Bankruptcy Case

There are a wide variety of reasons that a debtor might change their mind about the type of bankruptcy they have filed for, and they might want to convert their bankruptcy case. Under U.S. bankruptcy law, it may be possible to convert your bankruptcy case from Chapter 13 to Chapter 7 bankruptcy, or vice versa.

When you want to convert from Chapter 13 to Chapter 7, you will need to prove that you are eligible for Chapter 7 bankruptcy, which usually requires that you pass the “means test.” Then, you will file a notice of conversion and pay associated fees. There are various reasons a debtor might want to convert from Chapter 13 to Chapter 7. For example, the debtor might have lost their job and may be unable to plan for a reorganization bankruptcy with a repayment plan.

When you want to convert from Chapter 7 to Chapter 13, you will need to show your ability to meet the terms of a repayment plan. Similar to a conversion from Chapter 13 to Chapter 7, you will file a motion to have your case converted and will pay any associated fees. There are many reasons to convert from Chapter 7 to Chapter 13, although a common reason is to avoid foreclosure.

Contact a Bankruptcy Lawyer in Oak Park

If you have filed for bankruptcy and you have had a change of heart, or if you need to convert your bankruptcy case, you should seek advice from an Oak Park bankruptcy attorney today. Contact the Emerson Law Firm today for assistance.


See Related Blog Posts:

What is the Bankruptcy Threshold Adjustment and Technical Corrections Act?

What You Should Know About Credit Card Debt and Bankruptcy

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