Dennis Canada Smiths Station Alabama

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Debtor: Canada, Dennis - Smiths Station, Alabama (AL)

Bankruptcy filed - May 2016, discharged - August 2016
Court Case: 16-80570 (Alabama Bankruptcy Court)
Chapter: 7, A chapter 7 ... a plan of repayment as in chapter 13. ... §7
Filed: May 05, 2016
Discharged: August 03, 2016

Dennis Canada   Address: 451 Lee Road 242 Smiths Station, 36877-3534 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.