Isreal D Guerrero Smiths Station Alabama

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Debtor: Guerrero, Isreal D - Smiths Station, Alabama (AL)

Bankruptcy filed - December 2015, discharged - March 2016
Court Case: 15-81770 (Alabama Bankruptcy Court)
Chapter: 7, A chapter 7 ... trustee gathers and sells the debtor's nonexempt assets and ... §7
Filed: December 20, 2015
Discharged: March 19, 2016

Isreal D Guerrero   Address: 1283 Lee Road 430 Lot 26 Smiths Station, 36877-2294 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.