Jack Satornino Abad Bremerton Washington

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Debtor: Abad, Jack Satornino - Bremerton, Washington (WA)

Bankruptcy filed - October 2011, discharged - February 2012
Court Case: 11-22683 (Washington Bankruptcy Court)
Chapter: 7, A chapter 7 ... Instead, the bankruptcy trustee gathers and sells the ... §7
Filed: October 28, 2011
Discharged: February 13, 2012

Jack Satornino Abad   Address: 6356 Tracyton Boulevard Northwest Bremerton, 98311-8500 Washington

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.