Billy R Cosper Smiths Station Alabama

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Debtor: Cosper, Billy R - Smiths Station, Alabama (AL)

Bankruptcy filed - March 2012, discharged - June 2012
Court Case: 12-80342 (Alabama Bankruptcy Court)
Chapter: 7, A chapter 7 ... Part of the debtor's property may be subject to liens ... §7
Filed: March 01, 2012
Discharged: June 02, 2012

Billy R Cosper   Address: 8718 Lee Road 246 Lot 139 Smiths Station, 36877 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.