Theodore Aakre Chaska Minnesota

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Debtor: Aakre, Theodore - Chaska, Minnesota (MN)

Bankruptcy filed - April 2010, discharged - July 2010
Court Case: 10-42673 (Minnesota Bankruptcy Court)
Chapter: 7, A chapter 7 ... bankruptcy case does not involve the filing of ... §7
Filed: April 12, 2010
Discharged: July 12, 2010

Theodore Aakre   Address: 601 West 1st Street Chaska, 55318 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.