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 Terms2012.

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.