Mary Ann Aaron Madison Heights Michigan

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Debtor: Aaron, Mary Ann - Madison Heights, Michigan (MI)

Bankruptcy filed - June 2013, discharged - September 2013
Court Case: 13-51460 (Michigan Bankruptcy Court)
Chapter: 7, A chapter 7 ... certain "exempt" property; but a trustee ... §7
Filed: June 05, 2013
Discharged: September 09, 2013

Mary Ann Aaron   Address: 28658 Hales Street Madison Heights, 48071 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.