Michael Aarons Sacramento California

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Debtor: Aarons, Michael - Sacramento, California (CA)

Bankruptcy filed - July 2010, discharged - November 2010
Court Case: 10-40010 (California Bankruptcy Court)
Chapter: 7, A chapter 7 ... of a plan of repayment as in ... §7
Filed: July 28, 2010
Discharged: November 17, 2010

Michael Aarons   Address: 831 Barros Drive Sacramento, 95835 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.