John Robert Aarsvold Las Vegas Nevada

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Debtor: Aarsvold, John Robert - Las Vegas, Nevada (NV)

Bankruptcy filed - December 2011, discharged - March 2012
Court Case: 11-29344 (Nevada Bankruptcy Court)
Chapter: 7, A chapter 7 ... does not involve the filing of a ... §7
Filed: December 20, 2011
Discharged: March 20, 2012

John Robert Aarsvold   Address: 3902 Chinchilla Avenue Las Vegas, 89121-6114 Nevada

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.