personal-bankruptc

Bankruptcy Database

George R Arakel - West New York, New Jersey

7 Million Searchable Bankruptcy Files
Stop paying for leads!

Debtor:

ᐅ Arakel, George R - West New York, New Jersey (Court Case:2014-18105)

Bankruptcy filed - April 2014, discharged - July 2014
George R Arakel 
Court Case:   2014-18105
Chapter: 7, A chapter 7
( ... chapter 13. Instead, the bankruptcy trustee gathers ...) §7
Filed: April 23, 2014
Discharged: July 22, 2014



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.