Saki Samira Aarif Grand Rapids Michigan

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Debtor: Aarif, Saki Samira - Grand Rapids, Michigan (MI)

Bankruptcy filed - February 2016, discharged - May 2016
Court Case: 16-00780 (Michigan Bankruptcy Court)
Chapter: 7, A chapter 7 ... "exempt" property; but a trustee will liquidate ... §7
Filed: February 19, 2016
Discharged: May 19, 2016

Saki Samira Aarif   Address: 4249 South Castle Ridge Drive Southeast Apartment 154 Grand Rapids, 49508-8831 Michigan

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.