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.

Continue reading and learning!

What Is a Bankruptcy Trustee?
By the Upsolve Team

Chapter 7 Bankruptcy Basics: Why & When is Property Liquidated?
By the Upsolve Team

What is an asset in bankruptcy?
By the Upsolve Team

What Are Bankruptcy Exemptions?
By the Upsolve Team

Trustee's Report of No Distribution & What It Means For Your Case
By the Upsolve Team

Upsolve is a 501(c)(3) nonprofit that started in 2016. Our mission is to help low-income families who cannot afford lawyers file bankruptcy for free, using an online web app. Our team includes lawyers, engineers, and judges. We have world-class funders that include the U.S. government, former Google CEO Eric Schmidt, and leading foundations. It's one of the greatest civil rights injustices of our time that low-income families can't access their basic rights when they can't afford to pay for help. Combining direct services and advocacy, we're fighting this injustice.

To learn more, read why we started Upsolve in 2016, our reviews from past users, and our press coverage from places like the New York Times and Wall Street Journal.