Viliam Abadi Turlock California

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Debtor: Abadi, Viliam - Turlock, California (CA)

Bankruptcy filed - May 2010, discharged - September 2010
Court Case: 10-92087 (California Bankruptcy Court)
Chapter: 7, A chapter 7 ... the filing of a petition under chapter 7 may result in ... §7
Filed: May 30, 2010
Discharged: September 12, 2010

Viliam Abadi   Address: 2430 Crowell Road Turlock, 95382 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.