What is no asset bankruptcy?

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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.
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Why declare bankruptcy if you do not have any assets?

Answer . If you have no assets, then it's a great way to get rid of debt. Chapter 7 bankruptcy is FAST, and normally pretty cheap compared to what you get (all your debt go

Wifes assets if you file bankruptcy?

if your legally married when you file bankruptcy, you must include every single asset including the spouses. depends on what type of bk you file. you may be able to keep your

What is a no assets chapter 7 bankruptcy?

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 (partiall

What happens to debtors and assets in a bankruptcy?

The debtors is th one who files BK.. Basically, it's pretty simple: all of their assets are used to pay off all of their debts.. If they don't have enough assets to pay all

Do you need assets to file bankruptcy?

No, you don't need assets to file for bankruptcy, except for money for the attorney's fees. For a chapter 7 case, the average fee will be $1,500.00. For a chapter 13 case, the

What assets can they take in bankruptcy?

Its easier to consider what they can't/don't:. 401K or IRA account. Household Goods. Work Tools. Reasonable (read cheap) Car., Medical type devices, a few other things.

In the event of bankruptcy who has the claims on the assets?

It depends on what assets you are talking about. Should you declare things like your house and car in your bankruptcy the bank or financier would have a claim to them first be

Are all assets frozen when declaring bankruptcy?

At the moment the court receives the petition, and gives it a docket number, all the debtor(s)' assets are "frozen" as they become property of the bankruptcy estate, administe

Can you sell assets during bankruptcy?

No, all your assets...and all your debts and obligations..are under the controll of the Court..as you asked!

What is a no asset chapter 13 bankruptcy?

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 tha

What if you file for bankruptcy but have no assets?

Then you'll have filed for bankruptcy with no assets. Helpful hint: if, when phrasing your question, you notice that it starts "What if", it's almost always an indication tha