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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

Wifes assets if you file bankruptcy?

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What is a no assets chapter 7 bankruptcy?

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What happens to debtors and assets in a bankruptcy?

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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?

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

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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

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 that

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