Bankruptcy Lawyer Bryan W. Stone answers the question: “What is Chapter 7 Bankruptcy?”
Most people think that when you file for bankruptcy you only get one shot, pick the right chapter to file under and you’re done. Though it’s true that some people only file under one chapter of the bankruptcy code, it is also true that it is possible to switch at some point in the process. This switching between various chapters is known as converting. To find out more about converting a bankruptcy filing, keep reading.