Martha Abadio North Hills California

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Debtor: Abadio, Martha - North Hills, California (CA)

Bankruptcy filed - January 2011, discharged - May 2011
Court Case: 1:11-bk-10547-GM (California Bankruptcy Court)
Chapter: 7, A chapter 7 ... will liquidate the debtor's remaining assets. Accordingly, potential debtors ... §7
Filed: January 12, 2011
Discharged: May 17, 2011

Martha Abadio   Address: 15555 Parthenia Street Apartment 216 North Hills, 91343 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.