Philip Kirk Aarrestad Waconia Minnesota

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Debtor: Aarrestad, Philip Kirk - Waconia, Minnesota (MN)

Bankruptcy filed - August 2011, discharged - November 2011
Court Case: 11-45397 (Minnesota Bankruptcy Court)
Chapter: 7, A chapter 7 ... Code. Part of the debtor's property may ... §7
Filed: August 12, 2011
Discharged: November 11, 2011

Philip Kirk Aarrestad   Address: 2028 Silver Street Waconia, 55387 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.