Michigan Convert Chapter 7:
A conversion of a Michigan bankruptcy case from Chapter 7 to Chapter 13 fundamentally changes the nature of the proceeding. Rather than discharge all unsecured debts, full or partial payments are required for all debts during the duration of the plan term. Conversion of a Michigan bankruptcy case to Chapter 13 does however allow all past due payments to be included within the plan, as if paid current.
| 11 U.S.C. §706(a0 provides, in part, The debtor may convert a case under this chapter to a case under chapter 11, 12, or 13 of this title at any time, if the case has not been converted under section 1112, 1208, or 1307 of this title. Any waiver of the right to convert a case under this subsection is unenforceable. |
NOTICE OF AMENDED FORMS AND AUTOMATIC ADJUSTMENTS TO DOLLAR AMOUNTS: On April 1, 2004, automatic adjustments to the dollar amounts stated in various provisions of the Code will become effective in Michigan Bankruptcy Courts. The new dollar amounts will apply to cases filed after the effective date. These amended dollar amounts will affect the eligibility of a debtor to file under Chapter 13 of the Code, certain maximum values of property that a debtor may claim as exempt, the maximum amount of certain claims entitled to priority, the minimum aggregate value of claims needed to commence an involuntary petition, and the value of luxury foods and services deemed to be nondischargeable. The Michigan Bankruptcy Courts will adopt new forms to incorporate these changes beginning April 1, 2004.
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