Debtor: Aalders, John - Magna, Utah (UT)
Bankruptcy filed - October 2011, discharged - January 2012
| Court Case: |
11-34975 (Utah Bankruptcy Court) |
| Chapter: |
7, A chapter 7 ... mortgages that pledge the property to other creditors. In ... §7 |
| Filed: |
October 13, 2011 |
| Discharged: |
January 11, 2012 |
John Aalders Address: 7328 Adams Road Magna, 84044 Utah
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.