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Chapter Eight. Conversion and Dismissal

Chapter Eight. Conversion and Dismissal. After reading this chapter, you will be able to: Define the concept of conversion Describe how a bankruptcy proceeding may be dismissed

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Chapter Eight. Conversion and Dismissal

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  1. Chapter Eight.Conversion and Dismissal • After reading this chapter, you will be able to: • Define the concept of conversion • Describe how a bankruptcy proceeding may be dismissed • Describe the procedure to convert or dismiss a proceeding and to define the effect of the conversion or dismissal of a Bankruptcy proceeding upon the debtor’s financial affairs.

  2. Conversion • Conversion means that a Chapter 7 is changed to a Chapter 11 or vice versa. • Commonly, a Chapter 13 or Chapter 11 reorganization that has failed is converted to a Chapter 7 liquidation.

  3. Practice Pointer • It is important to understand the distinction between a ‘‘discharge,’’ which relieves the debtor of his/her personal liability and a ‘‘dismissal,’’ which returns the debtor back in his/her prepetition position and reinstates all of his/her prepetition debts and obligations.

  4. Rules on Conversion

  5. Rules on Conversion

  6. Dismissal • A dismissal will terminate a bankruptcy proceeding and render the proceeding ineffective.

  7. Rules on Dismissals

  8. Rules on Dismissals

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