Debtor: Abalos, Clarisse Mendoza - Arleta, California (CA)
Bankruptcy filed - August 2014, discharged - November 2014
| Court Case: |
1:14-bk-13944-AA (California Bankruptcy Court) |
| Chapter: |
7, A chapter 7 ... and uses the proceeds of such assets to pay holders of claims ... §7 |
| Filed: |
August 21, 2014 |
| Discharged: |
November 23, 2014 |
Clarisse Mendoza Abalos Address: 9969 Lev Avenue Arleta, 91331-4582 California
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.