Ziegfredo Abad Hoffman Estates Illinois

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Debtor: Abad, Ziegfredo - Hoffman Estates, Illinois (IL)

Bankruptcy filed - February 2010, discharged - June 2010
Court Case: 10-07053 (Illinois Bankruptcy Court)
Chapter: 7, A chapter 7 ... property to other creditors. In addition, the ... §7
Filed: February 21, 2010
Discharged: June 07, 2010

Ziegfredo Abad   Address: 1685 White Oak Lane Hoffman Estates, 60192 Illinois

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.