Josel N Abadilla San Jose California

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Debtor: Abadilla, Josel N - San Jose, California (CA)

Bankruptcy filed - March 2011, discharged - June 2011
Court Case: 11-52949 (California Bankruptcy Court)
Chapter: 7, A chapter 7 ... debtor's nonexempt assets and uses the proceeds of such assets ... §7
Filed: March 29, 2011
Discharged: June 20, 2011

Josel N Abadilla   Address: 5257 Edenvale Avenue San Jose, 95136 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.