How does a bankruptcy conversion affect debt?
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How does a bankruptcy conversion affect debt?
I filed a Chapter 13 Bankruptcy 3 years ago and got a pay day loan a year later. Last year I converted the bankruptcy to Chapter 7. Do I still owe the pay day loan?
Asked on June 29, 2011 under Bankruptcy Law, California
Answers:
Mark J. Markus / Mark J. Markus, Law Offices of
Answered 13 years ago | Contributor
Pursuant to 11 U.S.C. 348, the debt you incurred on your pay day loan will be included as a prepetition debt in your Chapter 7 case. So, assuming you receive a discharge, that debt would be included in the discharge.
Mark J. Markus, Attorney at Law
Handling exclusively bankruptcy law cases in California since 1991.
http://www.bklaw.com/
Mark J. Markus / Mark J. Markus, Law Offices of
Answered 13 years ago | Contributor
Pursuant to 11 U.S.C. 348, the debt you incurred on your pay day loan will be included as a prepetition debt in your Chapter 7 case. So, assuming you receive a discharge, that debt would be included in the discharge.
Mark J. Markus, Attorney at Law
Handling exclusively bankruptcy law cases in California since 1991.
http://www.bklaw.com/
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