Edward A Aabak Keystone Nebraska

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Debtor: Aabak, Edward A - Keystone, Nebraska (NE)

Bankruptcy filed - February 2012, discharged - May 2012
Court Case: 12-40282 (Nebraska Bankruptcy Court)
Chapter: 7, A chapter 7 ... such assets to pay holders of ... §7
Filed: February 16, 2012
Discharged: May 24, 2012

Edward A Aabak   Address: PO Box 120 Keystone, 69144 Nebraska

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.