Angelica M Abad Union City New Jersey

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Debtor: Abad, Angelica M - Union City, New Jersey (NJ)

Bankruptcy filed - June 2015, discharged - September 2015
Court Case: 15-21119-RG (New Jersey Bankruptcy Court)
Chapter: 7, A chapter 7 ... mortgages that pledge the property to other ... §7
Filed: June 11, 2015
Discharged: September 09, 2015

Angelica M Abad   Address: 3901 Kennedy Boulevard Apartment 3A Union City, 07087-2652 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.