Bankruptcy filed - March 2012, discharged - June 2012
Full Name: Timothy J Micolichek
Court Case:
12-22964
Chapter 7:
Chapter 13 bankruptcy is characterized by its repayment plan, which does not involve the liquidation of the debtor's assets. In this arrangement, instead of selling nonexempt property to pay creditors, the debtor makes payments through a structured plan overseen by a trustee. This approach allows debtors to retain their assets while working towards debt resolution.
Bankruptcy filed - July 2014, discharged - October 2014
Full Name: Timothy J Micolichek
Court Case:
2014-29519
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.
