Maria Teresa Abad Bronx New York

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Debtor: Abad, Maria Teresa - Bronx, New York (NY)

Bankruptcy filed - August 2011, discharged - November 2011
Court Case: 11-13800 (New York Bankruptcy Court)
Chapter: 7, A chapter 7 ... liens and mortgages that pledge the property to other creditors. In ... §7
Filed: August 09, 2011
Discharged: November 29, 2011

Maria Teresa Abad   Address: 782 East 179th Street Apartment 2 Bronx, 10460 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.