Nicholas Twelves Aadnesen Salt Lake City Utah

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Debtor: Aadnesen, Nicholas Twelves - Salt Lake City, Utah (UT)

Bankruptcy filed - April 2014, discharged - July 2014
Court Case: 2014-23567 (Utah Bankruptcy Court)
Chapter: 7, A chapter 7 ... property may be subject to liens and mortgages ... §7
Filed: April 07, 2014
Discharged: July 06, 2014

Nicholas Twelves Aadnesen   Address: 5828 South Waterbury Way Unit C Salt Lake City, 84121-1123 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.