Debtor: Aarup, Ronald William - Yucca Valley, California (CA)
Bankruptcy filed - February 2014, discharged - June 2014
| Court Case: |
6:14-bk-12032-DS (California Bankruptcy Court) |
| Chapter: |
7, A chapter 7 ... sells the debtor's nonexempt assets and uses the proceeds of such assets ... §7 |
| Filed: |
February 18, 2014 |
| Discharged: |
June 01, 2014 |
Ronald William Aarup Address: PO Box 1207 Yucca Valley, 92286-1207 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.