Shari Owen Aaron Joliet Illinois

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Debtor: Aaron, Shari Owen - Joliet, Illinois (IL)

Bankruptcy filed - February 2016, discharged - May 2016
Court Case: 16-06051 (Illinois Bankruptcy Court)
Chapter: 7, A chapter 7 ... debtor's property may be subject to liens and mortgages that pledge the ... §7
Filed: February 23, 2016
Discharged: May 23, 2016

Shari Owen Aaron   Address: 1516 Queens Lace Drive Joliet, 60432-2891 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.