Teresita Abalos Lakewood California

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Debtor: Abalos, Teresita - Lakewood, California (CA)

Bankruptcy filed - October 2009, discharged - February 2010
Court Case: 2:09-bk-39792-EC (California Bankruptcy Court)
Chapter: 7, A chapter 7 ... debtor's nonexempt assets and uses the ... §7
Filed: October 27, 2009
Discharged: February 06, 2010

Teresita Abalos   Address: 2444 Daneland Street Lakewood, 90712 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.