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What If I Have No Assets But Need to File Bankruptcy?

Posted By Allmand Law Firm, PLLC || 28-Aug-2013

Filing Bankruptcy With No Assets

I Want to File Bankruptcy But I Have No Assets!

Many who claim to have no assets file Chapter 7 bankruptcy. This is sometimes referred to as a Chapter 7 no-asset bankruptcy. In many cases, the process goes by quickly since the trustee won't have any property or assets to satisfy creditors with. Many consumers don't realize that a large number of Chapter 7 cases filed are considered no-asset cases.

Even if you have assets, if they are considered exempt, your case may be reported to the court as a no-asset case. Such cases are designed to help debtors receive the fresh start they need. Creditors won't receive a penny and in most cases, you are eligible to have debts eliminated.

Keep in mind there are exemptions available to help protect personal property such as your house, vehicle, clothing, jewelry and other valuable possessions. Each state offers protection at an amount that varies. There are also exemptions available at the federal level.

The exemptions not only protects your assets but they help you sustain assets you need to help you transition into your fresh start. It is important to review exemptions you may qualify for with a Dallas / Fort Worth bankruptcy lawyer. Assets you are concerned about should be reviewed with a qualified attorney to learn about potential protection options. You should also review requirements needed to file your case and to have debts discharged without delay (such as credit counseling and financial debt management).

Considering Bankruptcy, Need Some Free Advice?

If you are looking into bankruptcy as an option to resolve your debt, we can help see if bankruptcy is right for you. If you would like to set up a free consultation give us a call our fill out our contact form.


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