ᐅ Gauthier, Nicholas W - Jarreau, Louisiana (Court Case:08-10350)
Bankruptcy filed - March 2008, discharged - October 2012
Full Name: Nicholas W Gauthier
Court Case:
08-10350
Chapter 13:
Chapter 13 bankruptcy offers several benefits over Chapter 7, especially for homeowners facing foreclosure. It allows individuals to halt foreclosure processes and gradually catch up on overdue mortgage payments, although ongoing mortgage payments must be maintained. This chapter also permits the restructuring of secured debts (except primary residence mortgages), potentially reducing payments by extending them over the plan's duration. A unique feature of Chapter 13 is the protection it offers to co-signers on consumer debts, shielding them from liability. Additionally, Chapter 13 consolidates debts, enabling individuals to make payments to a trustee who then pays creditors, eliminating direct creditor contact.
ᐅ Gauthier, Nicholas W - Jarreau, Louisiana (Court Case:16-10406)
Bankruptcy filed - April 2016, discharged - July 2016
Full Name: Nicholas W Gauthier
Court Case:
16-10406
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.
