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.

no asset case
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.

US Bankruptcy 2012.


Glossary of Bankruptcy.

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