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Jr Frank John Bishop - Punta Gorda, Florida

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Debtor:

ᐅ Bishop, Jr Frank John - Punta Gorda, Florida (Court Case:9:08-bk-05216)

Bankruptcy filed - April 2008, discharged - July 2008
Jr Frank John Bishop 
Court Case:   9:08-bk-05216
Chapter: 7, A chapter 7
( ... property; but a trustee will liquidate the debtor's remaining assets. Accordingly, potential ...) §7
Filed: April 15, 2008
Discharged: July 22, 2008



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.