Jeffrey B Aaberg Stoughton Wisconsin

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Debtor: Aaberg, Jeffrey B - Stoughton, Wisconsin (WI)

Bankruptcy filed - March 2011, discharged - July 2011
Court Case: 3-11-11924 (Wisconsin Bankruptcy Court)
Chapter: 7, A chapter 7 ... property may be subject to liens and ... §7
Filed: March 27, 2011
Discharged: July 07, 2011

Jeffrey B Aaberg   Address: 853 Perch Court Stoughton, 53589 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.