Shahriar Abachi Long Beach California

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Debtor: Abachi, Shahriar - Long Beach, California (CA)

Bankruptcy filed - October 2012, discharged - January 2013
Court Case: 2:12-bk-45429-RN (California Bankruptcy Court)
Chapter: 7, A chapter 7 ... debtors should realize that the filing of a ... §7
Filed: October 21, 2012
Discharged: January 31, 2013

Shahriar Abachi   Address: 6477 Atlantic Avenue Apartment 147 Long Beach, 90805 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.