Laurie Aaland Edina Minnesota

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Debtor: Aaland, Laurie - Edina, Minnesota (MN)

Bankruptcy filed - July 2013, discharged - October 2013
Court Case: 13-43414 (Minnesota Bankruptcy Court)
Chapter: 7, A chapter 7 ... assets to pay holders of claims (creditors) ... §7
Filed: July 09, 2013
Discharged: October 08, 2013

Laurie Aaland   Address: 4370 Brookside Court Apartment 114 Edina, 55436 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.