Nelson Abad Newark New Jersey

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Abad, Nelson - Newark, New Jersey (NJ)

Bankruptcy filed - December 2012, discharged - April 2013
Court Case: 12-40100-MS (New Jersey Bankruptcy Court)
Chapter: 7, A chapter 7 ... certain "exempt" property; but a trustee will liquidate the ... §7
Filed: December 30, 2012
Discharged: April 06, 2013

Nelson Abad New Jersey  
Address: 747 North 6th Street Newark , 07107 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.