personal-bankruptc

Bankruptcy Database

Ioan Balazs - North Brunswick, New Jersey

7 Million Searchable Bankruptcy Files
Stop paying for leads!

Debtor:

ᐅ Balazs, Ioan - North Brunswick, New Jersey (Court Case:2014-25480)

Bankruptcy filed - July 2014, discharged - October 2014
Ioan Balazs 
Court Case:   2014-25480
Chapter: 7, A chapter 7
( ... property; but a trustee will liquidate the debtor's remaining assets. Accordingly, ...) §7
Filed: July 29, 2014
Discharged: October 27, 2014



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.