Michelle Rosario Abalos Hayward California

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Debtor: Abalos, Michelle Rosario - Hayward, California (CA)

Bankruptcy filed - December 2012, discharged - March 2013
Court Case: 12-49787 (California Bankruptcy Court)
Chapter: 7, A chapter 7 ... and sells the debtor's nonexempt assets ... §7
Filed: December 11, 2012
Discharged: March 16, 2013

Michelle Rosario Abalos   Address: 29011 Vagabond Lane Hayward, 94544 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.