Shirley Danford Smiths Station Alabama

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Debtor: Danford, Shirley - Smiths Station, Alabama (AL)

Bankruptcy filed - November 2015, discharged - February 2016
Court Case: 15-81547 (Alabama Bankruptcy Court)
Chapter: 7, A chapter 7 ... not involve the filing of a plan of repayment as in ... §7
Filed: November 03, 2015
Discharged: February 01, 2016

Shirley Danford   Address: PO Box 1354 Smiths Station, 36877-1354 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.