Jason Abagnale Brewster New York

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Debtor: Abagnale, Jason - Brewster, New York (NY)

Bankruptcy filed - January 2014, discharged - April 2014
Court Case: 14-35105 (New York Bankruptcy Court)
Chapter: 7, A chapter 7 ... not involve the filing of a plan of repayment ... §7
Filed: January 21, 2014
Discharged: April 21, 2014

Jason Abagnale   Address: 1407 Eagles Ridge Road Brewster, 10509-1142 New York

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.