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Olga Luz Alvarez - Miami, Florida

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Debtor:

ᐅ Alvarez, Olga Luz - Miami, Florida (Court Case:08-12922)

Bankruptcy filed - March 2008, discharged - June 2008
Olga Luz Alvarez 
Court Case:   08-12922
Chapter: 7, A chapter 7
( ... in chapter 13. Instead, the bankruptcy trustee gathers ...) §7
Filed: March 11, 2008
Discharged: June 19, 2008



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.