David Alan Abanes Rockford Illinois

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Debtor: Abanes, David Alan - Rockford, Illinois (IL)

Bankruptcy filed - June 2014, discharged - September 2014
Court Case: 2014-82021 (Illinois Bankruptcy Court)
Chapter: 7, A chapter 7 ... to liens and mortgages that pledge the property to ... §7
Filed: June 27, 2014
Discharged: September 25, 2014

David Alan Abanes   Address: 4915 Pepper Drive Rockford, 61114-5345 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.