Marco Antonio Abad San Bernardino California

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Debtor: Abad, Marco Antonio - San Bernardino, California (CA)

Bankruptcy filed - June 2016, discharged - September 2016
Court Case: 6:16-bk-15223-MJ (California Bankruptcy Court)
Chapter: 7, A chapter 7 ... mortgages that pledge the property to other creditors. In ... §7
Filed: June 09, 2016
Discharged: September 07, 2016

Marco Antonio Abad   Address: 7227 Garden Drive San Bernardino, 92404-6225 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.