Daniel J Abadi Midlothian Illinois

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Debtor: Abadi, Daniel J - Midlothian, Illinois (IL)

Bankruptcy filed - July 2013, discharged - October 2013
Court Case: 13-29115 (Illinois Bankruptcy Court)
Chapter: 7, A chapter 7 ... realize that the filing of a petition under ... §7
Filed: July 21, 2013
Discharged: October 27, 2013

Daniel J Abadi   Address: 3656 152nd Street Midlothian, 60445 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.