Debbie Jones Donaldson Smiths Station Alabama

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Debtor: Donaldson, Debbie Jones - Smiths Station, Alabama (AL)

Bankruptcy filed - March 2016, discharged - June 2016
Court Case: 16-80321 (Alabama Bankruptcy Court)
Chapter: 7, A chapter 7 ... mortgages that pledge the property to ... §7
Filed: March 10, 2016
Discharged: June 08, 2016

Debbie Jones Donaldson   Address: 25 Lee Road 771 Lot 23 Smiths Station, 36877-4003 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.