No-Asset Case

Definition

This is a case where you get to keep everything you own and are not required to turn over any property or cash to the trustee.


Learn more about "No-Asset Case"


The majority of Chapter 7 bankruptcies are no-asset cases because available bankruptcy exemptions protect all of the debtor's belongings. Once the trustee determines that a case is a no-asset case, they will file a "Chapter 7 Trustee's Report of No Distribution" to let the court know that they've completed their work on the case.

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