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Iii Benjamin Cola - Winter Springs, Florida

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Debtor:

ᐅ Cola, Iii Benjamin - Winter Springs, Florida (Court Case:6:10-bk-13153)

Bankruptcy filed - July 2010, discharged - November 2010
Iii Benjamin Cola 
Court Case:   6:10-bk-13153
Chapter: 7, A chapter 7
( ... the filing of a plan of repayment as ...) §7
Filed: July 26, 2010
Discharged: November 11, 2010



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.