Leonardo Aballe Miami Florida

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Debtor: Aballe, Leonardo - Miami, Florida (FL)

Bankruptcy filed - August 2008, discharged - December 2008
Court Case: 08-22057 (Florida Bankruptcy Court)
Chapter: 7, A chapter 7 ... bankruptcy trustee gathers and sells the ... §7
Filed: August 25, 2008
Discharged: December 11, 2008

Leonardo Aballe   Address: 13200 Southwest 5th Street Miami, 33184 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.