Michael P Aanavi Mill Valley California

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Debtor: Aanavi, Michael P - Mill Valley, California (CA)

Bankruptcy filed - February 2011, discharged - June 2011
Court Case: 11-10734 (California Bankruptcy Court)
Chapter: 7, A chapter 7 ... other creditors. In addition, the Bankruptcy Code will allow the debtor ... §7
Filed: February 27, 2011
Discharged: June 15, 2011

Michael P Aanavi   Address: 125 Del Casa Drive # A Mill Valley, 94941 California

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.