Paul Bernabe Abad Montebello California

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Debtor: Abad, Paul Bernabe - Montebello, California (CA)

Bankruptcy filed - January 2016, discharged - April 2016
Court Case: 2:16-bk-10895-BR (California Bankruptcy Court)
Chapter: 7, A chapter 7 ... addition, the Bankruptcy Code will allow the ... §7
Filed: January 24, 2016
Discharged: April 23, 2016

Paul Bernabe Abad   Address: 291 Simmons Avenue Montebello, 90640-1519 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.