Luis Benjamin Abad Lawrenceville Georgia

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Debtor: Abad, Luis Benjamin - Lawrenceville, Georgia (GA)

Bankruptcy filed - April 2012, discharged - July 2012
Court Case: 12-58926 (Georgia Bankruptcy Court)
Chapter: 7, A chapter 7 ... Instead, the bankruptcy trustee gathers and ... §7
Filed: April 02, 2012
Discharged: July 26, 2012

Luis Benjamin Abad   Address: 2087 Kelvin Drive Lawrenceville, 30043 Georgia

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.