Margarita L Abalo Miami Florida

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Debtor: Abalo, Margarita L - Miami, Florida (FL)

Bankruptcy filed - June 2014, discharged - September 2014
Court Case: 2014-24274 (Florida Bankruptcy Court)
Chapter: 7, A chapter 7 ... assets and uses the proceeds of such ... §7
Filed: June 22, 2014
Discharged: September 25, 2014

Margarita L Abalo   Address: 3894 Southwest 107th Avenue Miami, 33165-3656 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.