Jan Michael A Abacan Los Angeles California

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Debtor: Abacan, Jan Michael A - Los Angeles, California (CA)

Bankruptcy filed - December 2014, discharged - March 2015
Court Case: 2:14-bk-32700-WB (California Bankruptcy Court)
Chapter: 7, A chapter 7 ... should realize that the filing of a petition ... §7
Filed: December 07, 2014
Discharged: March 07, 2015

Jan Michael A Abacan   Address: 520 South Hobart Boulevard Apartment 410 Los Angeles, 90020-3704 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.