Debtor: Abal, Carlos Daniel - Mountain View, California (CA)
Bankruptcy filed - August 2011, discharged - December 2011
| Court Case: |
11-57965 (California Bankruptcy Court) |
| Chapter: |
7, A chapter 7 ... Code will allow the debtor to ... §7 |
| Filed: |
August 23, 2011 |
| Discharged: |
December 09, 2011 |
Carlos Daniel Abal Address: 2489 Whitney Drive Apartment 11 Mountain View, 94043 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.