Debtor: Aaron, Alissa Nicole - Colorado Springs, Colorado (CO)
Bankruptcy filed - April 2013, discharged - July 2013
| Court Case: |
13-15630 (Colorado Bankruptcy Court) |
| Chapter: |
7, A chapter 7 ... 13. Instead, the bankruptcy trustee gathers and ... §7 |
| Filed: |
April 08, 2013 |
| Discharged: |
July 10, 2013 |
Alissa Nicole Aaron Address: 2960 Montebello Drive West Colorado Springs, 80918 Colorado
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.