Michael K Aal Sanger California

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Debtor: Aal, Michael K - Sanger, California (CA)

Bankruptcy filed - January 2011, discharged - May 2011
Court Case: 11-10404 (California Bankruptcy Court)
Chapter: 7, A chapter 7 ... potential debtors should realize that the filing ... §7
Filed: January 12, 2011
Discharged: May 04, 2011

Michael K Aal   Address: 7352 Perlman Drive Sanger, 93657 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.