Shaun Aamodt Long Beach California

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Debtor: Aamodt, Shaun - Long Beach, California (CA)

Bankruptcy filed - December 2010, discharged - April 2011
Court Case: 2:10-bk-62912-ER (California Bankruptcy Court)
Chapter: 7, A chapter 7 ... uses the proceeds of such assets ... §7
Filed: December 09, 2010
Discharged: April 13, 2011

Shaun Aamodt   Address: 21926 South Carlerik Avenue Long Beach, 90810 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.