Debtor: Aardal, Thaddeus S - Lake Orion, Michigan (MI)
Bankruptcy filed - April 2014, discharged - July 2014
| Court Case: |
14-47316 (Michigan Bankruptcy Court) |
| Chapter: |
7, A chapter 7 ... proceeds of such assets to pay holders ... §7 |
| Filed: |
April 27, 2014 |
| Discharged: |
July 26, 2014 |
Thaddeus S Aardal Address: 3930 Westlyn Drive Lake Orion, 48359-1458 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.