Diane L Aafedt Moorhead Minnesota

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Debtor: Aafedt, Diane L - Moorhead, Minnesota (MN)

Bankruptcy filed - February 2013, discharged - May 2013
Court Case: 13-60083 (Minnesota Bankruptcy Court)
Chapter: 7, A chapter 7 ... and mortgages that pledge the property to other creditors. ... §7
Filed: February 13, 2013
Discharged: May 15, 2013

Diane L Aafedt   Address: 1103 18 1/2 Street South Unit 4 Moorhead, 56560 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.