Angel Abad Oakland California

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Debtor: Abad, Angel - Oakland, California (CA)

Bankruptcy filed - September 2010, discharged - January 2011
Court Case: 10-71388 (California Bankruptcy Court)
Chapter: 7, A chapter 7 ... gathers and sells the debtor's nonexempt ... §7
Filed: September 30, 2010
Discharged: January 16, 2011

Angel Abad   Address: 1079 100th Avenue Oakland, 94603 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.