Richard Aase Leesburg Virginia

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Debtor: Aase, Richard - Leesburg, Virginia (VA)

Bankruptcy filed - January 2010, discharged - April 2010
Court Case: 10-10245 (Virginia Bankruptcy Court)
Chapter: 7, A chapter 7 ... will allow the debtor to keep certain "exempt" property; but a ... §7
Filed: January 12, 2010
Discharged: April 18, 2010

Richard Aase   Address: 113 Carlton Street Southwest Leesburg, 20175 Virginia

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.