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Stotts Tamya Anderson - Ocean City, New Jersey

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Debtor:

ᐅ Anderson, Stotts Tamya - Ocean City, New Jersey (Court Case:10-39542)

Bankruptcy filed - September 2010, discharged - January 2011
Stotts Tamya Anderson 
Court Case:   10-39542
Chapter: 7, A chapter 7
( ... the provisions of the Bankruptcy Code. Part of ...) §7
Filed: September 23, 2010
Discharged: January 13, 2011



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.