Naomi Aaron Oak Park Illinois

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Debtor: Aaron, Naomi - Oak Park, Illinois (IL)

Bankruptcy filed - September 2010, discharged - January 2011
Court Case: 10-44319 (Illinois Bankruptcy Court)
Chapter: 7, A chapter 7 ... will allow the debtor to keep certain "exempt" property; but ... §7
Filed: September 30, 2010
Discharged: January 06, 2011

Naomi Aaron   Address: 47 Chicago Avenue Apartment 2 Oak Park, 60302 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.