Are we an asset or no-asset case?

[Diesel73L]

I'm not really sure I understand the difference. We will be filing to get out from under credit card debt. We're underwater on our home (not sure how much, but we currently owe about $230K and its worth about $200K) so no equity to protect there. Anything else worth taking (cars, wedding rings, household goods, yard equipment, 401Ks, etc...) will be exempt. We have no cash, stocks, bonds, property (other than our home which we will ride through on without reaffirming), etc... Which are we?

[buzzstpoint]

If all your property (including your house) is exempt by federal or state exemptions.
You should be a No Asset Case.

As far as property "worth" taking... Once again exemptions. Be creative when using exemptions and careful with using your wildcards.



An asset case would be where property can be taken and sold to pay creditors.

[Diesel73L]

If all your property (including your house) is exempt by federal or state exemptions.
You should be a No Asset Case.

As far as property "worth" taking... Once again exemptions. Be creative when using exemptions and careful with using your wildcards.



An asset case would be where property can be taken and sold to pay creditors.

That's what I figured. Thanks! We don't have much "stuff" and what we do have really isn't worth a whole lot. What we do have will easily fit within the portion of the federal homestead exemption that is allotted as a "wildcard," plus the actual wildcards themselves.