Maribel Abad San Jacinto California

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Debtor: Abad, Maribel - San Jacinto, California (CA)

Bankruptcy filed - October 2010, discharged - February 2011
Court Case: 6:10-bk-42170-TD (California Bankruptcy Court)
Chapter: 7, A chapter 7 ... will allow the debtor to keep certain "exempt" property; ... §7
Filed: October 03, 2010
Discharged: February 05, 2011

Maribel Abad   Address: 1068 Timothy Drive San Jacinto, 92583 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.