Cy C Abad Redlands California

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Debtor: Abad, Cy C - Redlands, California (CA)

Bankruptcy filed - February 2011, discharged - June 2011
Court Case: 6:11-bk-14613-DS (California Bankruptcy Court)
Chapter: 7, A chapter 7 ... the debtor to keep certain "exempt" property; but a trustee ... §7
Filed: February 10, 2011
Discharged: June 15, 2011

Cy C Abad   Address: 842 East High Avenue Redlands, 92374 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.