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Chap 13 vs. conversion to 7

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    Chap 13 vs. conversion to 7

    I'm in a chap 13 plan that might not be feasible for a couple of reasons I won't dwell on here. My attorney is considering a proposal to the trustee to convert to a 7. There would be very little to liquidate. A huge part of my 13 was the sale of some estate property that we discovered (2 years in) had hidden encumbrances. If I convert to a 7, in lieu of an approximate 25% payback in my 13, what's the real downside? Is it just the extra time my credit rating gets dinged?

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