Carol Davis Smiths Station Alabama

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Debtor: Davis, Carol - Smiths Station, Alabama (AL)

Bankruptcy filed - October 2010, discharged - January 2011
Court Case: 10-81703 (Alabama Bankruptcy Court)
Chapter: 7, A chapter 7 ... and mortgages that pledge the property to other creditors. In ... §7
Filed: October 24, 2010
Discharged: January 25, 2011

Carol Davis   Address: 1283 Lee Road 430 Lot 41 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.