Beverly Y Abadilla Round Lake Illinois

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Debtor: Abadilla, Beverly Y - Round Lake, Illinois (IL)

Bankruptcy filed - May 2015, discharged - August 2015
Court Case: 15-03190 (Illinois Bankruptcy Court)
Chapter: 7, A chapter 7 ... filing of a plan of repayment as ... §7
Filed: May 13, 2015
Discharged: August 16, 2015

Beverly Y Abadilla   Address: 34334 North Goldenrod Road Round Lake, 60073-5223 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.