Ruby Abalos San Jose California

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Debtor: Abalos, Ruby - San Jose, California (CA)

Bankruptcy filed - February 2011, discharged - May 2011
Court Case: 11-51168 (California Bankruptcy Court)
Chapter: 7, A chapter 7 ... should realize that the filing of ... §7
Filed: February 07, 2011
Discharged: May 26, 2011

Ruby Abalos   Address: 3137 Sierra Road San Jose, 95132 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.