personal-bankruptc

Bankruptcy Database

Marilyn Franklin - Crystal Lake, Illinois

7 Million Searchable Bankruptcy Files
Stop paying for leads!

Debtor:

ᐅ Franklin, Marilyn - Crystal Lake, Illinois (Court Case:09-75440)

Bankruptcy filed - December 2009, discharged - March 2010
Marilyn Franklin 
Court Case:   09-75440
Chapter: 7, A chapter 7
( ... trustee gathers and sells the debtor's nonexempt assets and uses the proceeds ...) §7
Filed: December 07, 2009
Discharged: March 15, 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.