Debtor: Abad, Cesar James - Las Vegas, Nevada (NV)
Bankruptcy filed - February 2013, discharged - May 2013
| Court Case: |
13-11095 (Nevada Bankruptcy Court) |
| Chapter: |
7, A chapter 7 ... case does not involve the filing of a plan of ... §7 |
| Filed: |
February 12, 2013 |
| Discharged: |
May 19, 2013 |
Cesar James Abad Address: 3116 Binaggio Court Las Vegas, 89141-3478 Nevada
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.