Jaime Elizabeth Aalen Salt Lake City Utah

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Debtor: Aalen, Jaime Elizabeth - Salt Lake City, Utah (UT)

Bankruptcy filed - January 2013, discharged - April 2013
Court Case: 13-20876 (Utah Bankruptcy Court)
Chapter: 7, A chapter 7 ... pledge the property to other creditors. ... §7
Filed: January 29, 2013
Discharged: April 29, 2013

Jaime Elizabeth Aalen   Address: 335 West Mary Etta Avenue Salt Lake City, 84115 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.