Ricardo E Abalos Santa Clarita California

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Debtor: Abalos, Ricardo E - Santa Clarita, California (CA)

Bankruptcy filed - August 2015, discharged - December 2015
Court Case: 2:15-bk-23637-SK (California Bankruptcy Court)
Chapter: 7, A chapter 7 ... nonexempt assets and uses the proceeds of such ... §7
Filed: August 30, 2015
Discharged: December 13, 2015

Ricardo E Abalos   Address: 21635 Grovepark Drive Santa Clarita, 91350-1613 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.