ᐅ Colley, Deborah A - Mobile, Alabama (Court Case:07-10329)
Bankruptcy filed - February 2007, discharged - January 2013
Full Name: Deborah A Colley
Court Case:
07-10329
Chapter 13:
Chapter 13 bankruptcy offers several benefits over Chapter 7, especially for individuals looking to avoid losing their homes. It allows for the temporary halting of foreclosure processes, giving homeowners the chance to catch up on missed mortgage payments through a structured plan, while staying current on their ongoing mortgage obligations. Additionally, this chapter provides avenues for restructuring secured debts, which can extend repayment terms and may reduce the amount of each payment. A key feature of Chapter 13 is its protection for co-signers on consumer debts, shielding them from being held liable. The process functions in a manner akin to a consolidation loan, with the debtor making payments to a trustee, who then allocates these funds to the creditors, thereby eliminating the need for direct contact between the debtor and creditors.
ᐅ Colley, Deborah A - Mobile, Alabama (Court Case:14-03578)
Bankruptcy filed - October 2014, discharged - January 2015
Full Name: Deborah A Colley
Court Case:
14-03578
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.
