Philip T Abalos Pemberton New Jersey

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Debtor: Abalos, Philip T - Pemberton, New Jersey (NJ)

Bankruptcy filed - April 2016, discharged - July 2016
Court Case: 16-16861 (New Jersey Bankruptcy Court)
Chapter: 7, A chapter 7 ... pay holders of claims (creditors) in accordance with ... §7
Filed: April 07, 2016
Discharged: July 06, 2016

Philip T Abalos   Address: 228 University Avenue Pemberton, 08068-1730 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.