Jerry Aaron Cypress Illinois

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Debtor: Aaron, Jerry - Cypress, Illinois (IL)

Bankruptcy filed - February 2010, discharged - May 2010
Court Case: 10-40196 (Illinois Bankruptcy Court)
Chapter: 7, A chapter 7 ... of such assets to pay holders of ... §7
Filed: February 11, 2010
Discharged: May 20, 2010

Jerry Aaron   Address: 640 Annabell Road Cypress, 62923 Illinois

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.