Michael Yahaya Abanise Rialto California

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Debtor: Abanise, Michael Yahaya - Rialto, California (CA)

Bankruptcy filed - August 2011, discharged - December 2011
Court Case: 6:11-bk-37387-DS (California Bankruptcy Court)
Chapter: 7, A chapter 7 ... liens and mortgages that pledge the property to other creditors. In ... §7
Filed: August 25, 2011
Discharged: December 28, 2011

Michael Yahaya Abanise   Address: 349 South Forest Avenue Rialto, 92376 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.