personal-bankruptc

Bankruptcy Database

Arturo Socorro Delacruz - Montgomery, Illinois

7 Million Searchable Bankruptcy Files
Stop paying for leads!

Debtor:

ᐅ Delacruz, Arturo Socorro - Montgomery, Illinois (Court Case:11-28237)

Bankruptcy filed - July 2011, discharged - October 2011
Arturo Socorro Delacruz 
Court Case:   11-28237
Chapter: 7, A chapter 7
( ... the filing of a plan of repayment as ...) §7
Filed: July 07, 2011
Discharged: October 10, 2011



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.