Gladys Aballi Miami Florida

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Debtor: Aballi, Gladys - Miami, Florida (FL)

Bankruptcy filed - November 2010, discharged - March 2011
Court Case: 10-13944-R (Florida Bankruptcy Court)
Chapter: 7, A chapter 7 ... uses the proceeds of such assets to pay holders of claims ... §7
Filed: November 11, 2010
Discharged: March 06, 2011

Gladys Aballi   Address: 15318 Sunset Drive Apartment 14 Miami, 33193 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.