Javad Hassan Abadi Los Angeles California

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Debtor: Abadi, Javad Hassan - Los Angeles, California (CA)

Bankruptcy filed - October 2012, discharged - February 2013
Court Case: 2:12-bk-46572-BR (California Bankruptcy Court)
Chapter: 7, A chapter 7 ... Bankruptcy Code will allow the debtor to keep certain "exempt" property; but ... §7
Filed: October 30, 2012
Discharged: February 09, 2013

Javad Hassan Abadi   Address: 1340 South Beverly Glen Boulevard Apartment 301 Los Angeles, 90024 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.