No Asset Report Law & Legal Definition
A no asset report is a term used in bankruptcy law when all the debtor's assets are exempt or subject to valid liens. The trustee will normally file a "no asset" report with the court, and there will be no distribution to unsecured creditors. Most chapter 7 cases involving individual debtors are no asset cases. In the typical no asset chapter 7 case, there is no need for creditors to file proofs of claim because there will be no distribution.
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