- conversion
- conversion
-
changing chapters in bankruptcy (e.g., converting from Chapter 11 to Chapter 7 or vice-versa) (Glossary of Common Bankruptcy Terms)In bankruptcy, the converting of a case from one chapter to another.When a debtor in possession under Chapter 11 decides to allow the case to become a Chapter 7 liquidation case, the case is converted to a Chapter 7. (Bernstein's Dictionary of Bankruptcy Terminology)(1) A change in the type of bankruptcy a debtor wishes to proceed under. For example, a debtor may convert a chapter 13 bankruptcy case into one under chapter 7. (2) The prepetition sale of nonexempt assets coupled with the prepetition purchase of exempt assets in anticipation of filing for bankruptcy. (3) The unauthorized exercise of ownership rights over property belonging to another (SA-Bankruptcy.com)Cases under the Code may be converted from one chapter to another chapter; for example, a Chapter 7 case may be converted to a case under Chapter 13 if the debtor is eligible for Chapter 13. Even though the chapter of the Code which governs it changes, it remains the same case as originally filed. (Bankruptcy in Brief)
United Glossary of Bankruptcy Terms 2012.
- conversion
-
In bankruptcy, the converting of a case from one chapter to another.
When a debtor in possession under Chapter 11 decides to allow the case to become a Chapter 7 liquidation case, the case is converted to a Chapter 7.
US Bankruptcy 2012.
Glossary of Bankruptcy.
