Paul Aarnio Panama City Beach Florida

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Debtor: Aarnio, Paul - Panama City Beach, Florida (FL)

Bankruptcy filed - April 2009, discharged - August 2009
Court Case: 09-50230 (Florida Bankruptcy Court)
Chapter: 7, A chapter 7 ... bankruptcy case does not involve the filing ... §7
Filed: April 14, 2009
Discharged: August 12, 2009

Paul Aarnio   Address: 204 Greenwood Drive Panama City Beach, 32407 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.