If you’ve discovered assets you didn’t know about, it may make sense to try to convert from Chapter 7 to Chapter 13 bankruptcy.
It is possible to do a conversion, but there are potential pitfalls.
First, the bankruptcy judge will have to approve the conversion, and if it is approved, it’s likely that the trustee will make claims against the found assets.
There is also the risk that the trustee might object, and if there’s a claim to be made that you committed perjury by not disclosing the asset, you are in some jeopardy.
However you proceed, you can expect to pay more and have more hassles going forward than you would have if you’d had experienced legal guidance from the start.
It’s never too late to get help with your bankruptcy. Call Zelenitz, Shapiro & D’Agostino today at 718-599-1111 and talk to a bankruptcy lawyer for free.