Juliet K Aaron Bronx New York

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Debtor: Aaron, Juliet K - Bronx, New York (NY)

Bankruptcy filed - March 2016, discharged - June 2016
Court Case: 16-10623 (New York Bankruptcy Court)
Chapter: 7, A chapter 7 ... gathers and sells the debtor's nonexempt assets and uses the proceeds ... §7
Filed: March 15, 2016
Discharged: June 13, 2016

Juliet K Aaron   Address: 1743 Fulton Avenue Apartment 2D Bronx, 10457-7524 New York

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.