Debtor: Aalbers, Wytse Theodoor - Primghar, Iowa (IA)
Bankruptcy filed - August 2012, discharged - December 2012
| Court Case: |
12-01609 (Iowa Bankruptcy Court) |
| Chapter: |
7, A chapter 7 ... bankruptcy trustee gathers and sells the ... §7 |
| Filed: |
August 27, 2012 |
| Discharged: |
December 03, 2012 |
Wytse Theodoor Aalbers Address: 3883 Redwing Avenue Primghar, 51245 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.