Laurice V Aaron Grosse Pointe Woods Michigan

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Debtor: Aaron, Laurice V - Grosse Pointe Woods, Michigan (MI)

Bankruptcy filed - December 2013, discharged - March 2014
Court Case: 13-62299 (Michigan Bankruptcy Court)
Chapter: 7, A chapter 7 ... case does not involve the filing of ... §7
Filed: December 11, 2013
Discharged: March 17, 2014

Laurice V Aaron   Address: 2120 Allard Avenue Grosse Pointe Woods, 48236 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.