Richard Aaron Cambridge Maryland

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Debtor: Aaron, Richard - Cambridge, Maryland (MD)

Bankruptcy filed - December 2009, discharged - March 2010
Court Case: 09-34957 (Maryland Bankruptcy Court)
Chapter: 7, A chapter 7 ... the proceeds of such assets to pay holders of ... §7
Filed: December 21, 2009
Discharged: March 27, 2010

Richard Aaron   Address: 5236 Gallium Court Apartment 201 Cambridge, 21613 Maryland

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.