This means you walk away with no assets. Meaning, if you have 2 cars and $100,000 in debt, after the bankruptcy, you give the cars to the court and they sell them to (partially) repay your debtors. In other words, you walk away with no assets and no debt. The court will do their best to find all of your assets, cars, house, etc. Anything they can find to sell.
No asset bankruptcy is a term used to refer to Chapter 7 bankruptcy. Usually in Chapter 7 cases, a person's entire debt is wiped clean. In many cases, the bankruptcy court will assign a trustee to take certain belongings (assets) and sell them to pay off a debt. In quite a number of cases, the courts have found that the person has no assets to sell (they won't take away items that will make your life unlivable without). If this happens, your case is considered a "no asset" case.
That is not how a Chapter 13 is usually described, since assets are irrelevant except to compare what a Chapter 7 would provide to unsecured creditors.
But it is possible that the monthly income or the means test shows the debtor can do a plan, even though the debtor has no non-exempt assets.
Chapter 7
In Chapter 7 bankruptcy, assets of a business are sold to help pay back their debts. In Chapter 11, businesses can keep their assets and try to negotiate new terms with their creditors.
The major difference between Chapter 11 bankruptcy and Chapter 7 bankruptcy is that Chapter 11 offers more flexibility so that debtors can negotiate terms without having to sell their assets. Under Chapter 7 bankruptcy, the debtor's assets are almost always sold to pay off their debt. Chapter 7 also features a level of debt forgiveness, whereas Chapter 11 does not.
The difference between Chapter 7 bankruptcy and Chapter 11 bankruptcy is what happens to a party during the process. Parties undergoing chapter 7 bankruptcy must sell of their assets in an attempt to pay off dept. Chapter 11 allows for one to attempt to maintain their assets. During chapter 11 bankruptcy the party must negotiate with creditors to stay afloat.
Yes, a Chapter 7 bankruptcy is a Chapter 7 bankruptcy. The exact details are irrelevant, it will remain on your credit report and prevent you from refiling for the same length of time either way.
Chapter 7 bankruptcy protects you from creditors and sells your non secured assets to pay the creditors that you owe. If you do not own an assets, you will not have to pay the creditors and the debt will be forgiven.
Chapter 7 is a liquidation bankruptcy, you are giving up your assets. If you want to keep your home and car you would need to file a Chapter 11 Bankruptcy.
No.
A Chapter 7 bankruptcy is a "straight bankruptcy" where the assets are liquidated. This differs from Chapter 11 and Chapter 13 bankruptcies, where the company is reorganized. For more information see the related link.
Generally, these are exempt assets and they remain yours, preumably to take with you.
Yes you can protect it under chapter 7 bankruptcy
what are the chapter 7 limits for bankruptcy?