Elias Daher Ababseh Simi Valley California

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Debtor: Ababseh, Elias Daher - Simi Valley, California (CA)

Bankruptcy filed - May 2011, discharged - September 2011
Court Case: 1:11-bk-16483-MT (California Bankruptcy Court)
Chapter: 7, A chapter 7 ... subject to liens and mortgages that pledge ... §7
Filed: May 23, 2011
Discharged: September 25, 2011

Elias Daher Ababseh   Address: 2030 Suede Street Simi Valley, 93063 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.