personal-bankruptc

Bankruptcy Database

Rey Mercedes Carranza - Falls Church, Virginia

7 Million Searchable Bankruptcy Files
Stop paying for leads!

Debtor:

ᐅ Carranza, Rey Mercedes - Falls Church, Virginia (Court Case:12-10852)

Bankruptcy filed - February 2012, discharged - May 2012
Rey Mercedes Carranza 
Court Case:   12-10852
Chapter: 7, A chapter 7
( ... of a plan of repayment as in chapter 13. Instead, ...) §7
Filed: February 09, 2012
Discharged: May 27, 2012



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.