Aaron Michael Abair Prescott Michigan

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Debtor: Abair, Aaron Michael - Prescott, Michigan (MI)

Bankruptcy filed - June 2013, discharged - September 2013
Court Case: 13-21737 (Michigan Bankruptcy Court)
Chapter: 7, A chapter 7 ... a plan of repayment as in chapter 13. Instead, the bankruptcy ... §7
Filed: June 26, 2013
Discharged: September 23, 2013

Aaron Michael Abair   Address: 4650 Sheffer Road Prescott, 48756 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.