Linda Aaron Gadsden Alabama

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Debtor: Aaron, Linda - Gadsden, Alabama (AL)

Bankruptcy filed - January 2010, discharged - April 2010
Court Case: 10-40133 (Alabama Bankruptcy Court)
Chapter: 7, A chapter 7 ... assets. Accordingly, potential debtors should realize ... §7
Filed: January 19, 2010
Discharged: April 22, 2010

Linda Aaron   Address: 415 Reynolds Street Gadsden, 35901 Alabama

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. Accordingly, potential debtors should realize that the filing of a petition under chapter 7 may result in the loss of property.