Nestor Aballay Carlstadt New Jersey

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Debtor: Aballay, Nestor - Carlstadt, New Jersey (NJ)

Bankruptcy filed - October 2009, discharged - January 2010
Court Case: 09-37317 (New Jersey Bankruptcy Court)
Chapter: 7, A chapter 7 ... nonexempt assets and uses the proceeds of such assets to ... §7
Filed: October 13, 2009
Discharged: January 18, 2010

Nestor Aballay   Address: 593 Hoboken Road Fl 2 Carlstadt, 07072 New Jersey

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.