ᐅ Wallace, Donald O - Memphis, Tennessee (Court Case:13-31602)
Bankruptcy filed - October 2013, discharged - January 2014
Full Name: Donald O Wallace
Court Case:
13-31602
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 Wallace, Donald O - Memphis, Tennessee (Court Case:14-31247)
Bankruptcy filed - November 2014, discharged - January 2015
Full Name: Donald O Wallace
Court Case:
14-31247
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.
