What Is a Chapter 7 No-Asset Bankruptcy Case?

When you file for bankruptcy you must disclose all of your assets and property. Depending on the type of asset you may be able to exempt its value. If you can exempt all of your property, the Chapter 7 trustee will not be able to sell any of your assets to pay your creditors. This is referred to as a Chapter 7 no-asset bankruptcy. Most Chapter 7 bankruptcies are no-asset cases. If all of your assets are exempt, the trustee will typically file a no-asset report in your case and your creditors will not receive anything through the bankruptcy.

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