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Conversion

The term conversion in a bankruptcy case refers to the converting of a case from one specific bankruptcy chapter to another. For example, a debtor in possession in a chapter 11 bankruptcy case may decide at some point to allow his or her case to become a chapter 7 liquidation case, thereby converting the case from one chapter to another. A debtor who ultimately decides that one chapter is of greater benefit than another may choose conversion in order to switch his or her case to the new chapter. For example, if it is decided that a debtor in possession in a chapter 11 case can not meet the financial obligations set out in the chapter 11 filing, he or she can decide to convert their case to a chapter 7 case and liquidate their property.

Fast Facts

  • 78% of those who filed for bankruptcy in 2007 due to medical bills had health insurance.
  • There were 131,000 total bankruptcy filings in March 2009.

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