John A Abad Las Vegas Nevada

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Debtor: Abad, John A - Las Vegas, Nevada (NV)

Bankruptcy filed - September 2011, discharged - January 2012
Court Case: 11-25513 (Nevada Bankruptcy Court)
Chapter: 7, A chapter 7 ... trustee gathers and sells the debtor's nonexempt assets ... §7
Filed: September 29, 2011
Discharged: January 02, 2012

John A Abad   Address: 10300 South Dapple Gray Road Las Vegas, 89178-3524 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.