Ralph Steven Aaron Hickory North Carolina

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Debtor: Aaron, Ralph Steven - Hickory, North Carolina (NC)

Bankruptcy filed - May 2011, discharged - August 2011
Court Case: 11-50633 (North Carolina Bankruptcy Court)
Chapter: 7, A chapter 7 ... Instead, the bankruptcy trustee gathers and sells the ... §7
Filed: May 16, 2011
Discharged: August 21, 2011

Ralph Steven Aaron   Address: 4815 Coulwood Court Northeast Hickory, 28601 North Carolina

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.