Susanne Ivette Abad West Covina California

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Debtor: Abad, Susanne Ivette - West Covina, California (CA)

Bankruptcy filed - December 2013, discharged - October 2014
Court Case: 2:13-bk-39987-ER (California Bankruptcy Court)
Chapter: 7, A chapter 7 ... to pay holders of claims (creditors) in accordance with ... §7
Filed: December 25, 2013
Discharged: October 13, 2014

Susanne Ivette Abad   Address: 1520 East Newcrest Drive West Covina, 91792-1216 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.