Thoughts from a Maryland Bankruptcy Attorney
In a no asset bankruptcy case the debtor gets to keep all the assets they bring into bankruptcy. Does your case qualify? Find out in this video.
In bankruptcy there are really two cases going on. There's a case regarding the debtor and their discharge and then there's a case regarding the property that the debtor brings into bankruptcy. The trustee is going to analyze whether there is value in that property above the secured claims and the exemptions.
If the trustee decides there are no assets available because exemptions and secured debts exceed the value of the debtor's property, then the trustee will say there's nothing there to distribute to unsecured creditors, it's a no-asset case and I'm going to close the case.
Thoughts from a Maryland Bankruptcy Lawyer
Ronald J. Drescher
Drescher & Associates, P.A
4 Reservoir Circle
Baltimore, MD 21208
Fax (410) 484-8120
Practicing in Maryland, Delaware, Virginia, Pennsylvania