Debtor: Abano, Marlene R - Richton Park, Illinois (IL)
Bankruptcy filed - October 2013, discharged - January 2014
| Court Case: |
13-41940 (Illinois Bankruptcy Court) |
| Chapter: |
7, A chapter 7 ... of claims (creditors) in accordance with the provisions of the ... §7 |
| Filed: |
October 25, 2013 |
| Discharged: |
January 31, 2014 |
Marlene R Abano Address: 22140 Hawthorne Way Richton Park, 60471 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.