Yolanda Naomi Abafo Clovis New Mexico

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Debtor: Abafo, Yolanda Naomi - Clovis, New Mexico (NM)

Bankruptcy filed - April 2011, discharged - July 2011
Court Case: 11-11783-s7 (New Mexico Bankruptcy Court)
Chapter: 7, A chapter 7 ... case does not involve the filing of a plan ... §7
Filed: April 19, 2011
Discharged: July 23, 2011

Yolanda Naomi Abafo   Address: 1563 Llano Vista Drive Clovis, 88101 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.