Ruby Abad Los Angeles California

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Debtor: Abad, Ruby - Los Angeles, California (CA)

Bankruptcy filed - September 2010, discharged - January 2011
Court Case: 2:10-bk-48188-RN (California Bankruptcy Court)
Chapter: 7, A chapter 7 ... bankruptcy trustee gathers and sells the debtor's ... §7
Filed: September 07, 2010
Discharged: January 10, 2011

Ruby Abad   Address: 3943 Ackerman Drive Los Angeles, 90065 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.