Jolene Marie Aasum Ossian Iowa

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Debtor: Aasum, Jolene Marie - Ossian, Iowa (IA)

Bankruptcy filed - September 2014, discharged - December 2014
Court Case: 14-01482 (Iowa Bankruptcy Court)
Chapter: 7, A chapter 7 ... plan of repayment as in chapter 13. Instead, the bankruptcy ... §7
Filed: September 24, 2014
Discharged: December 23, 2014

Jolene Marie Aasum   Address: PO Box 77 Ossian, 52161-0077 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.