Steven Terrance Aaron Forrest City Arkansas

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Debtor: Aaron, Steven Terrance - Forrest City, Arkansas (AR)

Bankruptcy filed - November 2012, discharged - February 2013
Court Case: 2:12-bk-16762 (Arkansas Bankruptcy Court)
Chapter: 7, A chapter 7 ... bankruptcy case does not involve the ... §7
Filed: November 20, 2012
Discharged: February 23, 2013

Steven Terrance Aaron   Address: 1211 North Izard Street Forrest City, 72335 Arkansas

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.