Rita Abad Miami Florida

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

Bankruptcy filed - March 2008, discharged - July 2008
Court Case: 08-13131 (Florida Bankruptcy Court)
Chapter: 7, A chapter 7 ... be subject to liens and mortgages ... §7
Filed: March 16, 2008
Discharged: July 08, 2008

Rita Abad   Address: 1801 Southwest 107th Avenue Apartment 2510 Miami, 33165 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.