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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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In a bankruptcy preceding how does the court verify all assets?

  Answer   When you complete your bankruptcy schedules you are swearing, under oath, that everything in them is true and accurate. The Trustee does have the ability

Will a trustee come to your house to cease your assets in a chapter 7 bankruptcy?

Virtually never.   First, there are rarely personal items of te type at a house that aren't exempt (all your household type goods are exempt)...and if you happen to have a

What property is excluded from countable assets in a person bankruptcy?

Some debts cannot be cleared (child support, judgments, certain student loans, most notably. Basically all loans other than government ones are private and nothing special). A

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

Can the bank seize assets in the bank during a bankruptcy?

  Answer     If creditors believe the person is trying to remove funds from accounts to keep them from bankruptcy proceedings; creditors can petition the court to

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.

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

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 fi

How do you get out of bankruptcy?

Bankruptcies will stay on your credit report for 7 to 10 years. The only way to get it removed is to have the courthouse where it was filed remove it or the credit bureaus rem

How can you file bankruptcy if all your assets and business assets are in a trust for your children?

That's a really complicated situation, and you will definitely want to see an attorney in your area about it since there are lots of little factors that can completely change

If a Canadian citizen files bankruptcy in the US must she disclose all foreign assets?

  Answer   Yes, all assets must be disclosed.     Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my

Can you get in trouble if you listed your 401k as an asset in bankruptcy and cashed out to pay remaining debt after the fact?

  Answer   Generally you cannot get in trouble for cashing in a 401(k) that was listed as an asset in your bankruptcy case to pay off non-discharged debts after the