Paul Daniel Aarsvold Alexandria Minnesota

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Debtor: Aarsvold, Paul Daniel - Alexandria, Minnesota (MN)

Bankruptcy filed - June 2012, discharged - September 2012
Court Case: 12-60588 (Minnesota Bankruptcy Court)
Chapter: 7, A chapter 7 ... (creditors) in accordance with the provisions of the Bankruptcy Code. ... §7
Filed: June 28, 2012
Discharged: September 27, 2012

Paul Daniel Aarsvold   Address: 3006 North Nokomis Northeast Alexandria, 56308 Minnesota

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.