Daniel J Aasen Indianapolis Indiana

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Debtor: Aasen, Daniel J - Indianapolis, Indiana (IN)

Bankruptcy filed - January 2011, discharged - April 2011
Court Case: 11-00060-FJO-7 (Indiana Bankruptcy Court)
Chapter: 7, A chapter 7 ... gathers and sells the debtor's nonexempt ... §7
Filed: January 04, 2011
Discharged: April 10, 2011

Daniel J Aasen   Address: 10922 Geist Woods North Drive Indianapolis, 46256 Indiana

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.