Debtor: Abad, Juan Jose - Hialeah, Florida (FL)
Bankruptcy filed - September 2015, discharged - December 2015
| Court Case: |
15-26730 (Florida Bankruptcy Court) |
| Chapter: |
7, A chapter 7 ... the bankruptcy trustee gathers and sells the ... §7 |
| Filed: |
September 17, 2015 |
| Discharged: |
December 16, 2015 |
Juan Jose Abad Address: 17232 Northwest 73rd Avenue Hialeah, 33015-7104 Florida
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.