David Eugene Aagesen Yuma Colorado

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Debtor: Aagesen, David Eugene - Yuma, Colorado (CO)

Bankruptcy filed - September 2011, discharged - February 2012
Court Case: 11-31309 (Colorado Bankruptcy Court)
Chapter: 7, A chapter 7 ... not involve the filing of a plan ... §7
Filed: September 06, 2011
Discharged: February 22, 2012

David Eugene Aagesen   Address: 719 North Birch Street Yuma, 80759 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.