Teresita C Abad San Diego California

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Debtor: Abad, Teresita C - San Diego, California (CA)

Bankruptcy filed - May 2013, discharged - August 2013
Court Case: 13-05319 (California Bankruptcy Court)
Chapter: 7, A chapter 7 ... to liens and mortgages that pledge the property to other creditors. ... §7
Filed: May 21, 2013
Discharged: August 30, 2013

Teresita C Abad   Address: 12305 Creekview Drive Unit 2 San Diego, 92128 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.