Jose Abad Miami Florida

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Debtor: Abad, Jose - Miami, Florida (FL)

Bankruptcy filed - August 2010, discharged - December 2010
Court Case: 10-35188 (Florida Bankruptcy Court)
Chapter: 7, A chapter 7 ... certain "exempt" property; but a trustee will ... §7
Filed: August 24, 2010
Discharged: December 09, 2010

Jose Abad   Address: 327 Northeast 118th Terrace Miami, 33161 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.