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Deborah A Davis - Chicago, Illinois

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Debtor:

ᐅ Davis, Deborah A - Chicago, Illinois (Court Case:11-13704)

Bankruptcy filed - March 2011, discharged - April 2016
Deborah A Davis 
Court Case:   11-13704
Chapter: 13, Chapter 13 offers
( ... of the chapter 13 plan. Doing this may lower the ...) §13
Filed: March 30, 2011
Discharged: April 17, 2016



Chapter 13 offers individuals a number of advantages over liquidation under chapter 7. Perhaps most significantly, chapter 13 offers individuals an opportunity to save their homes from foreclosure. By filing under this chapter, individuals can stop foreclosure proceedings and may cure delinquent mortgage payments over time. Nevertheless, they must still make all mortgage payments that come due during the chapter 13 plan on time. Another advantage of chapter 13 is that it allows individuals to reschedule secured debts (other than a mortgage for their primary residence) and extend them over the life of the chapter 13 plan. Doing this may lower the payments. Chapter 13 also has a special provision that protects third parties who are liable with the debtor on "consumer debts." This provision may protect co-signers. Finally, chapter 13 acts like a consolidation loan under which the individual makes the plan payments to a chapter 13 trustee who then distributes payments to creditors. Individuals will have no direct contact with creditors while under chapter 13 protection.















Debtor:

ᐅ Davis, Deborah A - Chicago, Illinois (Court Case:16-12976)

Bankruptcy filed - April 2016, discharged - July 2016
Deborah A Davis 
Court Case:   16-12976
Chapter: 7, A chapter 7
( ... and mortgages that pledge the property to other creditors. In addition, ...) §7
Filed: April 14, 2016
Discharged: July 13, 2016



A chapter 7 bankruptcy case does not involve the filing of a plan of repayment as in chapter 13. Instead, the bankruptcy trustee gathers and sells the debtor's nonexempt assets and uses the proceeds of such assets to pay holders of claims (creditors) in accordance with the provisions of the Bankruptcy Code. Part of the debtor's property may be subject to liens and mortgages that pledge the property to other creditors. In addition, the Bankruptcy Code will allow the debtor to keep certain "exempt" property; but a trustee will liquidate the debtor's remaining assets. Accordingly, potential debtors should realize that the filing of a petition under chapter 7 may result in the loss of property.