Dismissal versus modification versus conversion

[freeme0215]

Hello,

I am 8 months into a Ch 13, income will be lowered as I convert from Long term disability to SS disability, a loss of income of $1200 a month.

Since I have not yet lowered the incom(will start first of June) I am going to need to make a decision about the plan I am in and I am needing some insight into the options

1) Do I allow the Ch 13 to be dismissed
2) Do I ask for a modification of the 13, so ask to surrender my home(I am paying th mortgage via the BK trustee)
3) Convert to a Ch 7

Dismissal: has anyone allowed the 13 to be dismissed and waited out the 6 months to file a Ch 7?

Modification: can I "keep" the 13 and will they reduce my monthly payment as I will be surrending the home

Convert to a 7: when I actually have the letter from long term disability stating loss of the policy due to SS disability kicking in, do I then ask for a conversion?? Just not sure if I can file for a conversion when income is not lowered as of yet, but will be

Thanks

[newbie2]

You are so very close to having the income reduced, you should be making a call to your attorney for a sit down with him/her to plan what is best to do next. If you want to surrender your home and can do that and convert to a Chapter 7 at the same time that would probably work out best for you. (With that much of a reduction in income, why modify if you qualify for a Chapter 7 because of the new circumstances? Get that fresh start and be done with it!) Good luck to you, and please call your attorney.

[freeme0215]

I will call attorney as soon as I have the paperwork from LTD as to the need to pay them part of my SSD lump sum.....
I was thinking to stay in the 13 as I was paying IRS in the plan and would I have a better outcome from a 13 on credit report

Thanks