Miguel Abad Miami Florida

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

Bankruptcy filed - August 2008, discharged - December 2008
Court Case: 08-21972 (Florida Bankruptcy Court)
Chapter: 7, A chapter 7 ... addition, the Bankruptcy Code will allow the ... §7
Filed: August 22, 2008
Discharged: December 01, 2008

Miguel Abad   Address: 9886 North Kendall Drive Apartment H215 Miami, 33176 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.