Efren Abalos Saint Petersburg Florida

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Debtor: Abalos, Efren - Saint Petersburg, Florida (FL)

Bankruptcy filed - October 2010, discharged - February 2011
Court Case: 8:10-bk-25556 (Florida Bankruptcy Court)
Chapter: 7, A chapter 7 ... case does not involve the filing of a plan of ... §7
Filed: October 24, 2010
Discharged: February 09, 2011

Efren Abalos   Address: 3429 35th Street North Saint Petersburg, 33713 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.