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Henry Lee Brooks - Columbus, Georgia

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Debtor:

ᐅ Brooks, Henry Lee - Columbus, Georgia (Court Case:12-40178)

Bankruptcy filed - February 2012, discharged - May 2012
Henry Lee Brooks 
Court Case:   12-40178
Chapter: 7, A chapter 7
( ... trustee will liquidate the debtor's remaining assets. Accordingly, potential debtors should ...) §7
Filed: February 21, 2012
Discharged: May 30, 2012



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.