Leroy Aasgaard Rock Island Illinois

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Debtor: Aasgaard, Leroy - Rock Island, Illinois (IL)

Bankruptcy filed - August 2010, discharged - December 2010
Court Case: 10-82700 (Illinois Bankruptcy Court)
Chapter: 7, A chapter 7 ... involve the filing of a plan of repayment ... §7
Filed: August 26, 2010
Discharged: December 03, 2010

Leroy Aasgaard   Address: 1040 22nd Street Rock Island, 61201 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.