On its campaign website, Team5TCAPS pledges “responsible management of taxpayer dollars.”
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But at least one member of the group, running on a platform of responsible spending, filed for Chapter 7 bankruptcy.
On their November 25, 2015 filing, the candidate and her husband listed assets of $364,754.35 and liabilities of $399,114.25, records with the U. S. Bankruptcy Court of Western Michigan show.
A Chapter 7 bankruptcy case does not involve the filing of a plan of repayment as in chapter 13.
Instead, the bankruptcy trustee gathers and sells the debtor's nonexempt assets and uses the proceeds of such assets to pay holders of claims (creditors) in accordance with the provisions of the Bankruptcy Code.
Part of the debtor's property may be subject to liens and mortgages that pledge the property to other creditors.
In addition, the Bankruptcy Code will allow the debtor to keep certain “exempt” property; but a trustee will liquidate the debtor's remaining assets.
In this case, however, there was no property available for distribution from the estate over and above that exempted by law.
According to a February 9, 2016 Trustee's Report filed in the case, the Trustee reported she had “neither received any property nor paid any money on account of this estate; that I have made a diligent inquiry into the financial affairs of the debtor(s) and the location of the property belonging to the estate; and that there is no property available for distribution from the estate over and above that exempted by law.”
Court documents reveal that $399,114.25 was scheduled to be discharged without payment.
The official Order Of Discharge was filed on October 18, 2016.
![]()
But at least one member of the group, running on a platform of responsible spending, filed for Chapter 7 bankruptcy.
On their November 25, 2015 filing, the candidate and her husband listed assets of $364,754.35 and liabilities of $399,114.25, records with the U. S. Bankruptcy Court of Western Michigan show.
A Chapter 7 bankruptcy case does not involve the filing of a plan of repayment as in chapter 13.
Instead, the bankruptcy trustee gathers and sells the debtor's nonexempt assets and uses the proceeds of such assets to pay holders of claims (creditors) in accordance with the provisions of the Bankruptcy Code.
Part of the debtor's property may be subject to liens and mortgages that pledge the property to other creditors.
In addition, the Bankruptcy Code will allow the debtor to keep certain “exempt” property; but a trustee will liquidate the debtor's remaining assets.
In this case, however, there was no property available for distribution from the estate over and above that exempted by law.
According to a February 9, 2016 Trustee's Report filed in the case, the Trustee reported she had “neither received any property nor paid any money on account of this estate; that I have made a diligent inquiry into the financial affairs of the debtor(s) and the location of the property belonging to the estate; and that there is no property available for distribution from the estate over and above that exempted by law.”
Court documents reveal that $399,114.25 was scheduled to be discharged without payment.
The official Order Of Discharge was filed on October 18, 2016.
