Debtor: Abajian, Anthony Michael - Phoenix, Arizona (AZ)
Bankruptcy filed - August 2014, discharged - November 2014
| Court Case: |
2:14-bk-12877 (Arizona Bankruptcy Court) |
| Chapter: |
7, A chapter 7 ... uses the proceeds of such assets to pay holders of ... §7 |
| Filed: |
August 19, 2014 |
| Discharged: |
November 17, 2014 |
Anthony Michael Abajian Address: 3457 East Paradise Drive Phoenix, 85028-1322 Arizona
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.