Gene Carroll Aars Clifton Texas

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Debtor: Aars, Gene Carroll - Clifton, Texas (TX)

Bankruptcy filed - October 2011, discharged - February 2012
Court Case: 11-61203 (Texas Bankruptcy Court)
Chapter: 7, A chapter 7 ... of a plan of repayment as in chapter 13. Instead, the bankruptcy ... §7
Filed: October 30, 2011
Discharged: February 03, 2012

Gene Carroll Aars   Address: PO Box 548 Clifton, 76634 Texas

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.