Hermino Villedo Abalos Plano Texas

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Debtor: Abalos, Hermino Villedo - Plano, Texas (TX)

Bankruptcy filed - March 2012, discharged - July 2012
Court Case: 12-31953 (Texas Bankruptcy Court)
Chapter: 7, A chapter 7 ... the debtor's nonexempt assets and uses ... §7
Filed: March 29, 2012
Discharged: July 03, 2012

Hermino Villedo Abalos   Address: 2912 Dale Drive Plano, 75074 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.