Joseph James Aaronson Pinellas Park Florida

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Debtor: Aaronson, Joseph James - Pinellas Park, Florida (FL)

Bankruptcy filed - March 2012, discharged - July 2012
Court Case: 8:12-bk-04145 (Florida Bankruptcy Court)
Chapter: 7, A chapter 7 ... property may be subject to liens and mortgages that ... §7
Filed: March 21, 2012
Discharged: July 07, 2012

Joseph James Aaronson   Address: 6409 79th Avenue North Pinellas Park, 33781 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.