NOASSET 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.