Michelle Aamodt Parker Colorado

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Debtor: Aamodt, Michelle - Parker, Colorado (CO)

Bankruptcy filed - August 2010, discharged - November 2010
Court Case: 10-30555 (Colorado Bankruptcy Court)
Chapter: 7, A chapter 7 ... mortgages that pledge the property to other creditors. In addition, the ... §7
Filed: August 12, 2010
Discharged: November 13, 2010

Michelle Aamodt   Address: 10733 South Twenty Mile Road Apartment 204 Parker, 80134 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.