Pekka Juhani Dani Aalto Colorado Springs Colorado

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Debtor: Aalto, Pekka Juhani Dani - Colorado Springs, Colorado (CO)

Bankruptcy filed - March 2011, discharged - August 2011
Court Case: 11-17139 (Colorado Bankruptcy Court)
Chapter: 7, A chapter 7 ... liquidate the debtor's remaining assets. Accordingly, ... §7
Filed: March 30, 2011
Discharged: August 16, 2011

Pekka Juhani Dani Aalto   Address: 4108 Anitra Circle Colorado Springs, 80918 Colorado

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.