ᐅ Song, Ok J - Brea, California (Court Case:8:15-bk-16046-MW)
Bankruptcy filed - December 2015, discharged - March 2016
Full Name: Ok J Song
Court Case:
8:15-bk-16046-MW
Chapter 7:
In the framework of Chapter 13 bankruptcy, a structured repayment plan is central, differing significantly from scenarios where assets are liquidated to satisfy debts. Here, rather than resorting to the sale of the debtor's nonexempt property, a managed plan allows for debt resolution while the debtor retains their property. This method involves organizing payments to creditors, overseen by a trustee, without the need to liquidate assets. It's designed to protect certain assets from being sold, providing a path for debtors to avoid the potential loss of property while addressing their financial obligations.
ᐅ Song, Ok J - Brea, California (Court Case:8:15-bk-10871-MW)
Bankruptcy filed - February 2015, discharged - May 2015
Full Name: Ok J Song
Court Case:
8:15-bk-10871-MW
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.
