ᐅ Araujo, Juan Marquina - Aliso Viejo, California (Court Case:8:14-bk-16429-CB)
Bankruptcy filed - October 2014, discharged - January 2015
Juan Marquina Araujo - Address: 23428 Viaduct San Pablo Aliso Viejo , 92656-1146 California
7, A chapter 7 ( ... the debtor's remaining assets. Accordingly, potential debtors should realize ...)§7
October 29, 2014
January 27, 2015
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.