James Michael Aaron Brandon Mississippi

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Debtor: Aaron, James Michael - Brandon, Mississippi (MS)

Bankruptcy filed - April 2013, discharged - July 2013
Court Case: 13-01211-ee (Mississippi Bankruptcy Court)
Chapter: 7, A chapter 7 ... a plan of repayment as in chapter 13. ... §7
Filed: April 09, 2013
Discharged: July 16, 2013

James Michael Aaron   Address: 560 Holly Bush Road Brandon, 39047 Mississippi

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.