Gary M Abair Turner Michigan

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Debtor: Abair, Gary M - Turner, Michigan (MI)

Bankruptcy filed - February 2012, discharged - May 2012
Court Case: 12-20558 (Michigan Bankruptcy Court)
Chapter: 7, A chapter 7 ... allow the debtor to keep certain "exempt" property; but a trustee will ... §7
Filed: February 23, 2012
Discharged: May 29, 2012

Gary M Abair   Address: 3911 Twining Road Turner, 48765 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.