ᐅ Serpico, Ralph L - Frisco, Texas (Court Case:08-40245)
Bankruptcy filed - February 2008, discharged - May 2013
Full Name: Ralph L Serpico
Court Case:
08-40245
Chapter 13:
Chapter 13 bankruptcy provides distinct advantages compared to Chapter 7, particularly in aiding individuals to prevent home foreclosure. It enables pausing foreclosure and settling overdue mortgage payments over time, while maintaining current mortgage dues. This chapter also offers debt restructuring opportunities for secured debts, extending the repayment period and potentially lowering payments. Notably, Chapter 13 includes provisions safeguarding co-signers on consumer debts from liability. It operates similarly to a consolidation loan, where the debtor pays the trustee, who then disburses funds to creditors, avoiding direct interaction between the debtor and creditors.
ᐅ Serpico, Ralph L - Frisco, Texas (Court Case:16-40651)
Bankruptcy filed - April 2016, discharged - July 2016
Full Name: Ralph L Serpico
Court Case:
16-40651
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.
