Laura Anne Aadalen Red Wing Minnesota

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Debtor: Aadalen, Laura Anne - Red Wing, Minnesota (MN)

Bankruptcy filed - December 2011, discharged - March 2012
Court Case: 11-37661 (Minnesota Bankruptcy Court)
Chapter: 7, A chapter 7 ... In addition, the Bankruptcy Code will ... §7
Filed: December 11, 2011
Discharged: March 11, 2012

Laura Anne Aadalen   Address: 1826 Pioneer Road Apartment 108 Red Wing, 55066 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.