{"id":5574,"date":"2020-02-05T02:40:55","date_gmt":"2020-02-05T02:40:55","guid":{"rendered":"https:\/\/mcintirelaw.com\/?p=5574"},"modified":"2023-05-05T01:23:57","modified_gmt":"2023-05-05T01:23:57","slug":"no-asset-chapter-7-bankruptcy","status":"publish","type":"post","link":"https:\/\/mcintirelaw.com\/no-asset-chapter-7-bankruptcy\/","title":{"rendered":"No-Asset Chapter 7 Bankruptcy"},"content":{"rendered":"<div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-1 nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-flex-wrap:wrap;\" ><div class=\"fusion-builder-row fusion-row\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-0 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last\" style=\"--awb-bg-size:cover;--awb-margin-bottom:0px;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"fusion-text fusion-text-1\"><h2 data-fontsize=\"34\" data-lineheight=\"41.14px\" class=\"fusion-responsive-typography-calculated\" style=\"--fontSize:34; line-height: 1.21;\"><span class=\"ez-toc-section\" id=\"Can_I_file_bankruptcy_with_no-assets\"><\/span><b>Can I file bankruptcy with no-assets?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2><div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<label for=\"ez-toc-cssicon-toggle-item-6629d82371c2b\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6629d82371c2b\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/mcintirelaw.com\/no-asset-chapter-7-bankruptcy\/#Can_I_file_bankruptcy_with_no-assets\" title=\"Can I file bankruptcy with no-assets?\">Can I file bankruptcy with no-assets?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/mcintirelaw.com\/no-asset-chapter-7-bankruptcy\/#Overwhelmed_by_Financial_Problems_Contact_a_West_Virginia_Bankruptcy_Attorney_Today\" title=\"Overwhelmed by Financial Problems? Contact a West Virginia Bankruptcy Attorney Today!\">Overwhelmed by Financial Problems? Contact a West Virginia Bankruptcy Attorney Today!<\/a><\/li><\/ul><\/nav><\/div>\n\n<p><span style=\"font-weight: 400;\">If you\u2019re considering bankruptcy, one of the first steps you have to take is choosing among the various types of bankruptcy presented in the bankruptcy code. Generally, people who want to file personal bankruptcy do so under either Chapter 7 or Chapter 13. If you want a quick bankruptcy process focused on liquidation, the bankruptcy chapter for you is 7. If you want to keep your property and get out of debt through reorganization, you should file under Chapter 13.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A bankruptcy petition filed under Chapter 7 usually involves a debtor who has very few or no assets at all. In order to <a class=\"linkilo_keyword_link  hyperlinks\" href=\"\/west-virginia-means-test-estimator\/\"  rel=\"dofollow\" title=\"file bankruptcy\" data-linkilo-keyword-link=\"linked\">file bankruptcy<\/a> under Chapter7, debtors have to pass a means test or be exempted from it. It is generally believed that Chapter 7 filers surrender their assets to the bankruptcy trustee in charge of their bankruptcy case, but this hardly ever happens since most Chapter 7 bankruptcy cases are \u201cno asset.\u201d This means that the bankrupt debtors don\u2019t have an asset that the trustee can liquidate during bankruptcy proceedings.<\/span><\/p>\n<p><b>No-Asset Chapter 7 Bankruptcy Filings<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Filing for bankruptcy under Chapter 7 doesn\u2019t often jeopardize the debtors\u2019 remaining assets since they typically <img decoding=\"async\" class=\"alignright size-medium wp-image-5575\" src=\"https:\/\/i0.wp.com\/mcintirelaw.com\/wp-content\/uploads\/2020\/02\/man-has-problems-with-business-277WHHL-min.jpg?resize=300%2C200&#038;ssl=1\" alt=\"no-asset chapter seven bankruptcy\" width=\"300\" height=\"200\" srcset=\"https:\/\/i0.wp.com\/mcintirelaw.com\/wp-content\/uploads\/2020\/02\/man-has-problems-with-business-277WHHL-min-scaled.jpg?resize=200%2C133&amp;ssl=1 200w, https:\/\/i0.wp.com\/mcintirelaw.com\/wp-content\/uploads\/2020\/02\/man-has-problems-with-business-277WHHL-min-scaled.jpg?resize=300%2C200&amp;ssl=1 300w, https:\/\/i0.wp.com\/mcintirelaw.com\/wp-content\/uploads\/2020\/02\/man-has-problems-with-business-277WHHL-min-scaled.jpg?resize=400%2C267&amp;ssl=1 400w, https:\/\/i0.wp.com\/mcintirelaw.com\/wp-content\/uploads\/2020\/02\/man-has-problems-with-business-277WHHL-min-scaled.jpg?resize=600%2C400&amp;ssl=1 600w, https:\/\/i0.wp.com\/mcintirelaw.com\/wp-content\/uploads\/2020\/02\/man-has-problems-with-business-277WHHL-min-scaled.jpg?resize=768%2C513&amp;ssl=1 768w, https:\/\/i0.wp.com\/mcintirelaw.com\/wp-content\/uploads\/2020\/02\/man-has-problems-with-business-277WHHL-min-scaled.jpg?resize=800%2C534&amp;ssl=1 800w, https:\/\/i0.wp.com\/mcintirelaw.com\/wp-content\/uploads\/2020\/02\/man-has-problems-with-business-277WHHL-min-scaled.jpg?resize=1024%2C683&amp;ssl=1 1024w, https:\/\/i0.wp.com\/mcintirelaw.com\/wp-content\/uploads\/2020\/02\/man-has-problems-with-business-277WHHL-min-scaled.jpg?resize=1200%2C801&amp;ssl=1 1200w, https:\/\/i0.wp.com\/mcintirelaw.com\/wp-content\/uploads\/2020\/02\/man-has-problems-with-business-277WHHL-min-scaled.jpg?fit=1534%2C1024&amp;ssl=1 1534w, https:\/\/i0.wp.com\/mcintirelaw.com\/wp-content\/uploads\/2020\/02\/man-has-problems-with-business-277WHHL-min-scaled.jpg?resize=1536%2C1025&amp;ssl=1 1536w\" sizes=\"(max-width: 300px) 100vw, 300px\" data-recalc-dims=\"1\" \/>qualify as bankruptcy exemptions according to either federal law or state law. In effect, creditors end up not getting paid since no proceeds are generated during the bankruptcy process. Such a bankruptcy filing tends to result in the discharge of the majority of the debts, frequently eliminating the creditors\u2019 chance to collect on something their debtor was unable to pay.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Certain debts cannot be discharged. For instance, child support, taxes, and <a href=\"https:\/\/mcintirelaw.com\/student-loans-and-bankruptcy\/\">student loan<\/a>s are not dischargeable. The bankruptcy court notifies creditors that there won\u2019t be any need to file a proof of claim since they won\u2019t be able to collect on the debts involved.<\/span><\/p>\n<p><b>No-Asset Bankruptcy Exemptions<\/b><\/p>\n<p><span style=\"font-weight: 400;\">If you\u2019re filing bankruptcy under <a href=\"https:\/\/mcintirelaw.com\/west-virginia-chapter-7-bankruptcy-attorney\/\">Chapter 7<\/a>, you technically have to yield your assets to the bankruptcy estate. This will be liquidated to generate funds you can use to pay back your creditors; however, this only applies to non-exempt property. Exemptions are allowed because, according to bankruptcy law, a bankrupt debtor should be able to keep some property in order to survive the bankruptcy process and have something to build on after bankruptcy. Exemptions for bankruptcy cases vary from state to state. Most apply to specific assets like cars or houses, but there are also \u201cwildcard exemptions,\u201d which pertain to an amount that can be applied to a personal possession so it can be exempted.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The state\u2019s bankruptcy laws largely influence the choices debtors make in filing bankruptcy. In order to get maximum bankruptcy protection, they have to take into account such details as the list of dischargeable debts and exemptions allowed them. Some states limit filers to state bankruptcy exemptions, while other states allow filers to choose between the state and the federal bankruptcy list of exemptions.<\/span><\/p>\n<p><b>Unlisted Non-Exempt Assets<\/b><\/p>\n<p><span style=\"font-weight: 400;\">What if your trustee was to discover that there were non-exempt assets you failed to include in the bankruptcy information you provided? Whether the omission was intentional or unintentional, the creditors have to be notified about it so that they may submit proofs of claim in order to collect from it. Upon such a discovery, you may face penalty and your bankruptcy proceedings may be compromised if ever it is proven that you deliberately excluded those assets.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You have to be thorough in listing your non-exempt assets. If you have a non-exempt property you want to protect from liquidation, think about filing under Chapter 13 instead. You may still be eligible for it even if you pass the means test.<\/span><\/p>\n<h2 data-fontsize=\"34\" data-lineheight=\"41.14px\" class=\"fusion-responsive-typography-calculated\" style=\"--fontSize:34; line-height: 1.21;\"><span class=\"ez-toc-section\" id=\"Overwhelmed_by_Financial_Problems_Contact_a_West_Virginia_Bankruptcy_Attorney_Today\"><\/span><b>Overwhelmed by Financial Problems? Contact a West Virginia Bankruptcy Attorney Today!<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">In declaring bankruptcy, you have to determine what your best options are as well as find out how to file correctly. For this reason, it is in your best interest to get the legal advice and assistance of a bankruptcy lawyer before filing. The knowledge, insight, and guidance of bankruptcy lawyers definitely remain invaluable after filing and will continue to serve you even after bankruptcy.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you\u2019re in financial distress, you need to apply the most suitable debt relief solution for your situation. Bankruptcies have been known to give debtors the fresh start that they need. To declare bankruptcy with prudence and efficiency in West Virginia, <a href=\"https:\/\/mcintirelaw.com\/contact\/\">call us<\/a> at Thomas E. McIntire and Associates, L.C. and speak with one of our experienced <a href=\"https:\/\/mcintirelaw.com\/\"><strong><b>West Virginia bankruptcy lawyer<\/b>s<\/strong><\/a>.<\/span><\/p>\n<\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div><\/div><\/div>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":2,"featured_media":5576,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1877],"tags":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/i0.wp.com\/mcintirelaw.com\/wp-content\/uploads\/2020\/02\/overworked-stressful-businessperson-U7YTRBV-min-scaled.jpg?fit=1536%2C1024&ssl=1","_links":{"self":[{"href":"https:\/\/mcintirelaw.com\/wp-json\/wp\/v2\/posts\/5574"}],"collection":[{"href":"https:\/\/mcintirelaw.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mcintirelaw.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mcintirelaw.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/mcintirelaw.com\/wp-json\/wp\/v2\/comments?post=5574"}],"version-history":[{"count":2,"href":"https:\/\/mcintirelaw.com\/wp-json\/wp\/v2\/posts\/5574\/revisions"}],"predecessor-version":[{"id":6627,"href":"https:\/\/mcintirelaw.com\/wp-json\/wp\/v2\/posts\/5574\/revisions\/6627"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mcintirelaw.com\/wp-json\/wp\/v2\/media\/5576"}],"wp:attachment":[{"href":"https:\/\/mcintirelaw.com\/wp-json\/wp\/v2\/media?parent=5574"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mcintirelaw.com\/wp-json\/wp\/v2\/categories?post=5574"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mcintirelaw.com\/wp-json\/wp\/v2\/tags?post=5574"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}