Sherry L Aasen Elburn Illinois

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Debtor: Aasen, Sherry L - Elburn, Illinois (IL)

Bankruptcy filed - June 2012, discharged - September 2012
Court Case: 12-23835 (Illinois Bankruptcy Court)
Chapter: 7, A chapter 7 ... the bankruptcy trustee gathers and sells ... §7
Filed: June 12, 2012
Discharged: September 18, 2012

Sherry L Aasen   Address: 43W924 Main Street Road Apartment 1 Elburn, 60119 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.