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Gully Raynette Louise Clark - Chicago, Illinois

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Debtor:

ᐅ Clark, Gully Raynette Louise - Chicago, Illinois (Court Case:16-06270)

Bankruptcy filed - February 2016, discharged - May 2016
Gully Raynette Louise Clark 
Court Case:   16-06270
Chapter: 7, A chapter 7
( ... the filing of a plan of repayment as in chapter 13. ...) §7
Filed: February 24, 2016
Discharged: May 24, 2016



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.