Linda Aaron Las Cruces New Mexico

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Debtor: Aaron, Linda - Las Cruces, New Mexico (NM)

Bankruptcy filed - June 2010, discharged - October 2010
Court Case: 10-13311-j7 (New Mexico Bankruptcy Court)
Chapter: 7, A chapter 7 ... pledge the property to other creditors. ... §7
Filed: June 29, 2010
Discharged: October 02, 2010

Linda Aaron   Address: 2826 Ox Cart Court Las Cruces, 88007 New Mexico

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.