Jacob Mckee Aalseth Blair Wisconsin

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Debtor: Aalseth, Jacob Mckee - Blair, Wisconsin (WI)

Bankruptcy filed - May 2014, discharged - August 2014
Court Case: 1-14-12129 (Wisconsin Bankruptcy Court)
Chapter: 7, A chapter 7 ... allow the debtor to keep certain ... §7
Filed: May 11, 2014
Discharged: August 09, 2014

Jacob Mckee Aalseth   Address: 218 West 2nd Street Blair, 54616-7804 Wisconsin

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.