Albert Mark Aasen Belleville Illinois

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Debtor: Aasen, Albert Mark - Belleville, Illinois (IL)

Bankruptcy filed - January 2013, discharged - April 2013
Court Case: 13-30067 (Illinois Bankruptcy Court)
Chapter: 7, A chapter 7 ... liquidate the debtor's remaining assets. Accordingly, potential debtors should realize ... §7
Filed: January 15, 2013
Discharged: April 23, 2013

Albert Mark Aasen   Address: 308A South Charles Street Belleville, 62220 Illinois

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.