Jose Abad East Northport New York

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Debtor: Abad, Jose - East Northport, New York (NY)

Bankruptcy filed - July 2011, discharged - November 2011
Court Case: 8-11-75226 (New York Bankruptcy Court)
Chapter: 7, A chapter 7 ... the proceeds of such assets to pay holders of ... §7
Filed: July 20, 2011
Discharged: November 12, 2011

Jose Abad   Address: 31 Solow Lane East Northport, 11731 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.