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Michael F Novak - Naperville, Illinois

Debtor:

ᐅ Novak, Michael F - Naperville, Illinois (Court Case:11-06523)

Bankruptcy filed - February 2011, discharged - May 2011
Full Name: Michael F Novak 
Court Case:   11-06523
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.
Filed: February 18, 2011
Discharged: May 27, 2011