Melinda F Abad Carson California

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Debtor: Abad, Melinda F - Carson, California (CA)

Bankruptcy filed - March 2013, discharged - July 2013
Court Case: 2:13-bk-18425-RN (California Bankruptcy Court)
Chapter: 7, A chapter 7 ... gathers and sells the debtor's nonexempt assets ... §7
Filed: March 31, 2013
Discharged: July 07, 2013

Melinda F Abad   Address: 22613 Anchor Avenue Carson, 90745 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.