Ricardo D Abalos Salt Lake City Utah

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Debtor: Abalos, Ricardo D - Salt Lake City, Utah (UT)

Bankruptcy filed - August 2011, discharged - November 2011
Court Case: 11-32051 (Utah Bankruptcy Court)
Chapter: 7, A chapter 7 ... debtor's remaining assets. Accordingly, potential debtors should realize ... §7
Filed: August 16, 2011
Discharged: November 28, 2011

Ricardo D Abalos   Address: 2854 South 500 East Apartment 1 Salt Lake City, 84106-1363 Utah

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.