Brian M Abair Carrollton Texas

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Debtor: Abair, Brian M - Carrollton, Texas (TX)

Bankruptcy filed - May 2015, discharged - August 2015
Court Case: 15-40880 (Texas Bankruptcy Court)
Chapter: 7, A chapter 7 ... of such assets to pay holders ... §7
Filed: May 11, 2015
Discharged: August 09, 2015

Brian M Abair   Address: 3801 Amberglow Court Carrollton, 75007-1946 Texas

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.