Michael Aagesen Yuma Colorado

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Debtor: Aagesen, Michael - Yuma, Colorado (CO)

Bankruptcy filed - May 2010, discharged - August 2010
Court Case: 10-21895 (Colorado Bankruptcy Court)
Chapter: 7, A chapter 7 ... the debtor's remaining assets. Accordingly, potential debtors should realize ... §7
Filed: May 13, 2010
Discharged: August 30, 2010

Michael Aagesen   Address: PO Box 332 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.