Raymond F Aalgaard Hollister California

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Debtor: Aalgaard, Raymond F - Hollister, California (CA)

Bankruptcy filed - July 2012, discharged - October 2012
Court Case: 12-55232 (California Bankruptcy Court)
Chapter: 7, A chapter 7 ... does not involve the filing of a ... §7
Filed: July 12, 2012
Discharged: October 28, 2012

Raymond F Aalgaard   Address: 2174 Beachwood Court Hollister, 95023 California

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.