Errol W Aarons Hollywood Florida

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Debtor: Aarons, Errol W - Hollywood, Florida (FL)

Bankruptcy filed - June 2009, discharged - October 2009
Court Case: 09-21892 (Florida Bankruptcy Court)
Chapter: 7, A chapter 7 ... debtors should realize that the filing of a petition under chapter ... §7
Filed: June 14, 2009
Discharged: October 07, 2009

Errol W Aarons   Address: 7912 Pembroke Road Hollywood, 33023 Florida

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.