Julie Krystine Abad East Elmhurst New York

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Debtor: Abad, Julie Krystine - East Elmhurst, New York (NY)

Bankruptcy filed - September 2013, discharged - January 2014
Court Case: 1-13-45933 (New York Bankruptcy Court)
Chapter: 7, A chapter 7 ... assets. Accordingly, potential debtors should realize that the filing of a petition ... §7
Filed: September 27, 2013
Discharged: January 04, 2014

Julie Krystine Abad   Address: 3109 88th Street East Elmhurst, 11369 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.