Leonard Naughton Aaker East Boston Massachusetts

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Debtor: Aaker, Leonard Naughton - East Boston, Massachusetts (MA)

Bankruptcy filed - July 2016, discharged - October 2016
Court Case: 16-12595 (Massachusetts Bankruptcy Court)
Chapter: 7, A chapter 7 ... to other creditors. In addition, the Bankruptcy Code will allow the debtor ... §7
Filed: July 06, 2016
Discharged: October 04, 2016

Leonard Naughton Aaker   Address: 150 Orleans Street Unit 103 East Boston, 02128-2175 Massachusetts

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.