Ralph Abagian Racine Wisconsin

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Debtor: Abagian, Ralph - Racine, Wisconsin (WI)

Bankruptcy filed - April 2011, discharged - August 2011
Court Case: 11-26812 (Wisconsin Bankruptcy Court)
Chapter: 7, A chapter 7 ... assets and uses the proceeds of such assets to pay ... §7
Filed: April 28, 2011
Discharged: August 02, 2011

Ralph Abagian   Address: 3443 8th Avenue Racine, 53402 Wisconsin

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.