Jose Abad Boston Massachusetts

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Debtor: Abad, Jose - Boston, Massachusetts (MA)

Bankruptcy filed - September 2012, discharged - January 2013
Court Case: 12-17923 (Massachusetts Bankruptcy Court)
Chapter: 7, A chapter 7 ... debtors should realize that the filing of ... §7
Filed: September 27, 2012
Discharged: January 01, 2013

Jose Abad   Address: 128 Bennington Street Boston, 02128 Massachusetts

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.