ᐅ Creagan, John M - New Lenox, Illinois (Court Case:11-51827)
Bankruptcy filed - December 2011, discharged - April 2012
Full Name: John M Creagan
Court Case:
11-51827
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.
ᐅ Creagan, John M - New Lenox, Illinois (Court Case:15-06383)
Bankruptcy filed - February 2015, discharged - May 2015
Full Name: John M Creagan
Court Case:
15-06383
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.
