Francisco Rique Abalos San Diego California

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Debtor: Abalos, Francisco Rique - San Diego, California (CA)

Bankruptcy filed - December 2013, discharged - March 2014
Court Case: 13-11739 (California Bankruptcy Court)
Chapter: 7, A chapter 7 ... realize that the filing of a petition under chapter ... §7
Filed: December 04, 2013
Discharged: March 15, 2014

Francisco Rique Abalos   Address: 3663 33rd Street San Diego, 92104 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.