Mark Aasmundstad Flagstaff Arizona

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Debtor: Aasmundstad, Mark - Flagstaff, Arizona (AZ)

Bankruptcy filed - July 2010, discharged - October 2010
Court Case: 2:10-bk-21033 (Arizona Bankruptcy Court)
Chapter: 7, A chapter 7 ... involve the filing of a plan of repayment as in chapter ... §7
Filed: July 05, 2010
Discharged: October 11, 2010

Mark Aasmundstad   Address: PO Box 1671 Flagstaff, 86002 Arizona

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.