John Smith Neptune New Jersey

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ᐅ Smith, John - Neptune, New Jersey (NJ)

Bankruptcy filed - May 2010, discharged - September 2010
Court Case: 10-26191 (New Jersey Bankruptcy Court)
Chapter: 7, A chapter 7 ... allow the debtor to keep certain "exempt" property; but a ... §7
Filed: May 26, 2010
Discharged: September 15, 2010

John Smith New Jersey  
Address: 4601 Spring Street Neptune , 07753 New Jersey

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.