Gregory Oliver Aas Meridian Idaho

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Debtor: Aas, Gregory Oliver - Meridian, Idaho (ID)

Bankruptcy filed - April 2011, discharged - July 2011
Court Case: 11-01151 (Idaho Bankruptcy Court)
Chapter: 7, A chapter 7 ... realize that the filing of a petition ... §7
Filed: April 19, 2011
Discharged: July 24, 2011

Gregory Oliver Aas   Address: 4330 North Rosepoint Avenue Meridian, 83646-3702 Idaho

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.