No Asset Bankruptcy

[6ftladycop]

I know that this is a silly question, but what exactly is a No Asset bankruptcy? I heard this a lot lately and wondered if its a slam dunk like people have been saying it is. My case involves loans and credit cards only. I heard that this particular case bk is one of the easier ones. Is this true guys?

[familyof7]

No asset is a case where you have nothing of value above what is allowed to be exempt. Meaning nothing for the trustee to sale.And yes that makes it easy

[6ftladycop]

No Assets...Thanks

Hey
I am new to all of this, so thank you for the information. My 341 meeting is 8-28-07 and so now I am just waiting.

[guzzie]

thats how we like them ....no assets so creditors can take nothing...makes your case much simpler...good luck...guzzie

[Lindsay]

So if you own an upside down house, own a vehicle that has less equity than your state exemption, and own nothing else other than exempt household goods, its considered "no asset?" I was wondering about that because I consider the home and vehicle assets even though we don't have any equity. That sort of makes me feel a little better, I didn't know if owning property and a vehicle was going to complicate things.