Joseph C Brooks Cedar Falls Iowa

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ᐅ Brooks, Joseph C - Cedar Falls, Iowa (IA)

Bankruptcy filed - June 2016, discharged - September 2016
Court Case: 16-00802 (Iowa Bankruptcy Court)
Chapter: 7, A chapter 7 ... Code will allow the debtor to ... §7
Filed: June 23, 2016
Discharged: September 21, 2016

Joseph C Brooks Iowa  
Address: 700 West Ridgeway Avenue Lot 728 Cedar Falls , 50613-9589 Iowa

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.