Derrick Aarons Brooklyn New York

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Debtor: Aarons, Derrick - Brooklyn, New York (NY)

Bankruptcy filed - February 2014, discharged - May 2014
Court Case: 1-14-40904 (New York Bankruptcy Court)
Chapter: 7, A chapter 7 ... as in chapter 13. Instead, the bankruptcy ... §7
Filed: February 27, 2014
Discharged: May 28, 2014

Derrick Aarons   Address: 229 East 89th Street Brooklyn, 11236-1417 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.