Magaly Amparito Abad Downey California

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Debtor: Abad, Magaly Amparito - Downey, California (CA)

Bankruptcy filed - January 2012, discharged - May 2012
Court Case: 2:12-bk-11324-BR (California Bankruptcy Court)
Chapter: 7, A chapter 7 ... with the provisions of the Bankruptcy Code. Part of the ... §7
Filed: January 12, 2012
Discharged: May 16, 2012

Magaly Amparito Abad   Address: 7324 Dinsdale Street Downey, 90240 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.