Michael Aaron Oneonta Alabama

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Debtor: Aaron, Michael - Oneonta, Alabama (AL)

Bankruptcy filed - February 2010, discharged - May 2010
Court Case: 10-00715 (Alabama Bankruptcy Court)
Chapter: 7, A chapter 7 ... that the filing of a petition under ... §7
Filed: February 04, 2010
Discharged: May 08, 2010

Michael Aaron   Address: 1145 Sawyer Mountain Road Oneonta, 35121 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.