Jose Protacio Abanico Oxnard California

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Debtor: Abanico, Jose Protacio - Oxnard, California (CA)

Bankruptcy filed - November 2010, discharged - April 2011
Court Case: 9:10-bk-16116-RR (California Bankruptcy Court)
Chapter: 7, A chapter 7 ... pay holders of claims (creditors) in accordance ... §7
Filed: November 29, 2010
Discharged: April 03, 2011

Jose Protacio Abanico   Address: 4625 South J Street Oxnard, 93033 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.