Robert Aasen Sycamore Illinois

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Debtor: Aasen, Robert - Sycamore, Illinois (IL)

Bankruptcy filed - April 2013, discharged - July 2013
Court Case: 13-81322 (Illinois Bankruptcy Court)
Chapter: 7, A chapter 7 ... as in chapter 13. Instead, the bankruptcy trustee gathers ... §7
Filed: April 14, 2013
Discharged: July 22, 2013

Robert Aasen   Address: 16544 Plank Road Sycamore, 60178 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.