Carlyle David Aadland Britt Iowa

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Debtor: Aadland, Carlyle David - Britt, Iowa (IA)

Bankruptcy filed - November 2012, discharged - February 2013
Court Case: 12-02172 (Iowa Bankruptcy Court)
Chapter: 7, A chapter 7 ... debtor's property may be subject to liens and mortgages that ... §7
Filed: November 20, 2012
Discharged: February 26, 2013

Carlyle David Aadland   Address: 747 5th Avenue Southwest Britt, 50423 Iowa

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.