Ronald Aalseth Lafayette Colorado

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Debtor: Aalseth, Ronald - Lafayette, Colorado (CO)

Bankruptcy filed - August 2010, discharged - November 2010
Court Case: 10-29979 (Colorado Bankruptcy Court)
Chapter: 7, A chapter 7 ... certain "exempt" property; but a trustee ... §7
Filed: August 05, 2010
Discharged: November 06, 2010

Ronald Aalseth   Address: 3890 North 109th Street Lafayette, 80026 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.