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Thomas Aquinas Ganley - Howard Beach, New York

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Debtor:

ᐅ Ganley, Thomas Aquinas - Howard Beach, New York (Court Case:07-10901)

Bankruptcy filed - January 2007, discharged - May 2010
Thomas Aquinas Ganley 
Court Case:   07-10901
Chapter: 7, A chapter 7
( ... liquidate the debtor's remaining assets. Accordingly, potential debtors should realize that ...) §7
Filed: January 21, 2007
Discharged: May 03, 2010



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.