Donald Terence Eiland Smiths Station Alabama

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Debtor: Eiland, Donald Terence - Smiths Station, Alabama (AL)

Bankruptcy filed - February 2013, discharged - May 2013
Court Case: 13-80293 (Alabama Bankruptcy Court)
Chapter: 7, A chapter 7 ... sells the debtor's nonexempt assets and uses the proceeds ... §7
Filed: February 27, 2013
Discharged: May 31, 2013

Donald Terence Eiland   Address: 408 Lee Road 290 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.