no-asset case

no-asset case
no-asset case
A Chapter 7 bankruptcy case in which there are no assets available for distribution (SA-Bankruptcy.com)

If, after consideration of exemptions and secured creditors and lien holders, there is no property that can be liquidated/distributed for the benefit of creditors, the case is said to be a "no asset" case.
Even though a debtor may have assets (real estate, automobiles, accounts receivable), if those are fully exempt or fully encumbered, the case may be a "no asset" case. (Bernstein's Dictionary of Bankruptcy Terminology)

A Chapter 7 case where there are no assets available to satisfy any portion of the creditors' unsecured claims. (BankruptcyAction.com)

United Glossary of Bankruptcy Terms 2012.


Glossary of Bankruptcy.

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