Matias Abad Fontana California

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Debtor: Abad, Matias - Fontana, California (CA)

Bankruptcy filed - May 2012, discharged - September 2012
Court Case: 6:12-bk-22545-MW (California Bankruptcy Court)
Chapter: 7, A chapter 7 ... of the debtor's property may be subject to ... §7
Filed: May 21, 2012
Discharged: September 23, 2012

Matias Abad   Address: 7285 Birch Tree Place Fontana, 92336 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.