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Judith Ann Bennett - Raleigh, North Carolina

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Debtor:

ᐅ Bennett, Judith Ann - Raleigh, North Carolina (Court Case:15-15830)

Bankruptcy filed - May 2015, discharged - September 2015
Judith Ann Bennett 
Court Case:   15-15830
Chapter: 7, A chapter 7
( ... nonexempt assets and uses the proceeds ...) §7
Filed: May 26, 2015
Discharged: September 13, 2015



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.