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Conversion and reconversion
Hello Listserv
I met with a PC, she was on an active 13 and converted to a 7. She has her
primary residence, which was underwater and modified, reason for conversion.
She is on title only to parents property which was estimated at $89K back in
2009 with a loan (in parents names only) balance in around $48K. It appears
that at the time of the conversion this property was overlooked.
My question are:
1. Can she reconvert back to a 13
2. If so, would a new plan need to be proposed with the new property value?
3. Could she go back to the original plan.
4. If client doesn't show up at the continued 341, does the case get dismissed?
As always, any guidance is greatly appreciated. I have not faced this before
and need to advice client.
Silvia
The post was migrated from Yahoo.
Hello Listserv
I met with a PC, she was on an active 13 and converted to a 7. She has her primary residence, which was underwater and modified, reason for conversion.
She is on title only to parents property which was estimated at $89K back in 2009 with a loan (in parents names only) balance in around $48K. It appears that at the time of the conversion this property was overlooked.
My question are:
1. Can she reconvert back to a 13
2. If so, would a new plan need to be proposed with the new property value?
3. Could she go back to the original plan.
As always, any guidance is greatly appreciated. I have not faced this before and need to advice client.
Silvia
The post was migrated from Yahoo.