ᐅ Reed, James Q - Decatur, Illinois (Court Case:11-70546)
Bankruptcy filed - March 2011, discharged - June 2011
Full Name: James Q Reed
Court Case:
11-70546
Chapter 7:
Chapter 13 bankruptcy is characterized by its repayment plan, which does not involve the liquidation of the debtor's assets. In this arrangement, instead of selling nonexempt property to pay creditors, the debtor makes payments through a structured plan overseen by a trustee. This approach allows debtors to retain their assets while working towards debt resolution.
ᐅ Reed, James Q - Decatur, Illinois (Court Case:15-71498)
Bankruptcy filed - September 2015, discharged - December 2015
Full Name: James Q Reed
Court Case:
15-71498
Chapter 7:
Chapter 7 bankruptcy differs from Chapter 13 in that it does not require a repayment plan. Instead, it involves a trustee selling the debtor's nonexempt assets to repay creditors, following the rules of the Bankruptcy Code. Debtors may keep exempt assets but risk losing other property through this process.
