Renato P Abalos San Jose California

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Debtor: Abalos, Renato P - San Jose, California (CA)

Bankruptcy filed - November 2014, discharged - February 2015
Court Case: 14-54588 (California Bankruptcy Court)
Chapter: 7, A chapter 7 ... such assets to pay holders of claims (creditors) in ... §7
Filed: November 13, 2014
Discharged: February 11, 2015

Renato P Abalos   Address: 3137 Sierra Road San Jose, 95132-2855 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.