Erickson Abadilla Corona California

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Debtor: Abadilla, Erickson - Corona, California (CA)

Bankruptcy filed - November 2009, discharged - March 2010
Court Case: 6:09-bk-38940-CB (California Bankruptcy Court)
Chapter: 7, A chapter 7 ... "exempt" property; but a trustee will liquidate the debtor's remaining ... §7
Filed: November 29, 2009
Discharged: March 11, 2010

Erickson Abadilla   Address: 2574 Hidden Creek Street Corona, 92881 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.