Allen Aaseby Osseo Minnesota

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Debtor: Aaseby, Allen - Osseo, Minnesota (MN)

Bankruptcy filed - July 2010, discharged - October 2010
Court Case: 10-45413 (Minnesota Bankruptcy Court)
Chapter: 7, A chapter 7 ... a trustee will liquidate the debtor's remaining assets. Accordingly, potential ... §7
Filed: July 19, 2010
Discharged: October 18, 2010

Allen Aaseby   Address: 6201 Magnolia Lane North Osseo, 55369 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.