Bruce Thomas Aahrens Phoenix Arizona

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Debtor: Aahrens, Bruce Thomas - Phoenix, Arizona (AZ)

Bankruptcy filed - May 2015, discharged - August 2015
Court Case: 2:15-bk-05386 (Arizona Bankruptcy Court)
Chapter: 7, A chapter 7 ... proceeds of such assets to pay holders ... §7
Filed: May 03, 2015
Discharged: August 01, 2015

Bruce Thomas Aahrens   Address: 522 West Coronado Road Phoenix, 85003-1149 Arizona

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.