David Abad San Tan Valley Arizona

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Debtor: Abad, David - San Tan Valley, Arizona (AZ)

Bankruptcy filed - November 2010, discharged - February 2011
Court Case: 4:10-bk-37829 (Arizona Bankruptcy Court)
Chapter: 7, A chapter 7 ... Bankruptcy Code. Part of the debtor's ... §7
Filed: November 22, 2010
Discharged: February 28, 2011

David Abad   Address: 417 West Dexter Way San Tan Valley, 85143 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.