Sarah E Aaseby Zimmerman Minnesota

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Debtor: Aaseby, Sarah E - Zimmerman, Minnesota (MN)

Bankruptcy filed - April 2012, discharged - July 2012
Court Case: 12-42591 (Minnesota Bankruptcy Court)
Chapter: 7, A chapter 7 ... chapter 13. Instead, the bankruptcy trustee gathers ... §7
Filed: April 29, 2012
Discharged: July 29, 2012

Sarah E Aaseby   Address: 27950 133 1/2 Street Northwest Zimmerman, 55398 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.