La Torre Nancy H A Chamberino New Mexico

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Debtor: A, La Torre Nancy H - Chamberino, New Mexico (NM)

Bankruptcy filed - May 2015, discharged - August 2015
Court Case: 15-11330-j7 (New Mexico Bankruptcy Court)
Chapter: 7, A chapter 7 ... does not involve the filing of a plan of repayment ... §7
Filed: May 20, 2015
Discharged: August 18, 2015

La Torre Nancy H A   Address: PO Box 565 Chamberino, 88027-0565 New Mexico

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.