Rosemary Aase Rockford Illinois

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Debtor: Aase, Rosemary - Rockford, Illinois (IL)

Bankruptcy filed - April 2011, discharged - August 2011
Court Case: 11-81886 (Illinois Bankruptcy Court)
Chapter: 7, A chapter 7 ... to liens and mortgages that pledge the property to other creditors. In ... §7
Filed: April 25, 2011
Discharged: August 01, 2011

Rosemary Aase   Address: 510 North Springfield Avenue Rockford, 61101 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.