Carlo Gabriel E Aban Winchester California

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Debtor: Aban, Carlo Gabriel E - Winchester, California (CA)

Bankruptcy filed - July 2012, discharged - November 2012
Court Case: 6:12-bk-26859-MJ (California Bankruptcy Court)
Chapter: 7, A chapter 7 ... uses the proceeds of such assets ... §7
Filed: July 17, 2012
Discharged: November 19, 2012

Carlo Gabriel E Aban   Address: 35613 Starkey Court Winchester, 92596 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.