Lucila Averion Abad Tallahassee Florida

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Debtor: Abad, Lucila Averion - Tallahassee, Florida (FL)

Bankruptcy filed - March 2007, discharged - July 2007
Court Case: 07-40127 (Florida Bankruptcy Court)
Chapter: 7, A chapter 7 ... of such assets to pay holders of claims (creditors) in ... §7
Filed: March 14, 2007
Discharged: July 11, 2007

Lucila Averion Abad   Address: 3216 Emerson Lane Tallahassee, 32317 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.