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Lishelle Yvonne Bishop - Chicago, Illinois

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Debtor:

ᐅ Bishop, Lishelle Yvonne - Chicago, Illinois (Court Case:15-14975)

Bankruptcy filed - April 2015, discharged - July 2015
Lishelle Yvonne Bishop 
Court Case:   15-14975
Chapter: 7, A chapter 7
( ... will allow the debtor to keep certain "exempt" property; ...) §7
Filed: April 27, 2015
Discharged: July 26, 2015



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.