Joel R Abalos Dumfries Virginia

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Abalos, Joel R - Dumfries, Virginia (VA)

Bankruptcy filed - March 2012, discharged - June 2012
Court Case: 12-11685 (Virginia Bankruptcy Court)
Chapter: 7, A chapter 7 ... uses the proceeds of such assets ... §7
Filed: March 13, 2012
Discharged: June 29, 2012

Joel R Abalos Virginia  
Address: 16489 Sparkling Brook Loop Dumfries , 22025 Virginia

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.