John P Abad Pensacola Florida

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Debtor: Abad, John P - Pensacola, Florida (FL)

Bankruptcy filed - March 2014, discharged - June 2014
Court Case: 2014-30325 (Florida Bankruptcy Court)
Chapter: 7, A chapter 7 ... and mortgages that pledge the property to other ... §7
Filed: March 26, 2014
Discharged: June 24, 2014

John P Abad   Address: 6530 Colonade Circle Pensacola, 32506-3914 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.