Kelly Ann Aaron Searcy Arkansas

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Debtor: Aaron, Kelly Ann - Searcy, Arkansas (AR)

Bankruptcy filed - April 2013, discharged - July 2013
Court Case: 4:13-bk-12169 (Arkansas Bankruptcy Court)
Chapter: 7, A chapter 7 ... the filing of a plan of repayment as in ... §7
Filed: April 11, 2013
Discharged: July 15, 2013

Kelly Ann Aaron   Address: 109 Mari Lin Drive Searcy, 72143 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.