Lazaro E Abad Miami Florida

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Debtor: Abad, Lazaro E - Miami, Florida (FL)

Bankruptcy filed - December 2011, discharged - April 2012
Court Case: 11-43978 (Florida Bankruptcy Court)
Chapter: 7, A chapter 7 ... mortgages that pledge the property to other ... §7
Filed: December 11, 2011
Discharged: April 04, 2012

Lazaro E Abad   Address: 1880 Northeast 181st Street Miami, 33162 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.