Virgilio G Abad Holbrook New York

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Debtor: Abad, Virgilio G - Holbrook, New York (NY)

Bankruptcy filed - August 2013, discharged - December 2013
Court Case: 1-13-45274 (New York Bankruptcy Court)
Chapter: 7, A chapter 7 ... Accordingly, potential debtors should realize that the filing of a ... §7
Filed: August 27, 2013
Discharged: December 04, 2013

Virgilio G Abad   Address: 12 Joanne Drive Holbrook, 11741 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.