What if a person has no nonexempt property for the trustee to collect?
If, from the bankruptcy forms filed, it appears that the person filing has no nonexempt property, a notice will be sent to the creditors advising them that there appears to be no assets from which to pay creditors, that it is unnecessary for them to file claims, and that if assets are later discovered they will then be given an opportunity to file claims. This type of case is referred to as a no-asset case. Most Chapter 7 cases that are filed by consumers are no-asset cases. Determining if your case would be a no-asset case is part of the valuable services rendered by the Bolger Law Firm.
Expert bankruptcy lawyer discusses common questions and issues people have about bankruptcy and how it would affect them. Attorney Richard Bolger has practiced bankruptcy law in Virginia, Maryland, and the District of Columbia for 33 years. He is very easy to understand and has a talent for simplifying a complex and somewhat mysterious area of the law... bankruptcy. Listen to him answer some of the common questions he has been asked over the past several decades. "Is bankruptcy right for me?" "What will happen to my job?" "Can I keep my house?"