Steven Lee Aaron Buchanan Virginia

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Debtor: Aaron, Steven Lee - Buchanan, Virginia (VA)

Bankruptcy filed - October 2009, discharged - January 2010
Court Case: 09-72545 (Virginia Bankruptcy Court)
Chapter: 7, A chapter 7 ... assets to pay holders of claims (creditors) ... §7
Filed: October 04, 2009
Discharged: January 08, 2010

Steven Lee Aaron   Address: 378 Peery Lane Buchanan, 24066 Virginia

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.