no-asset case

Definition of "no-asset case"
  1. A situation in a Chapter 7 bankruptcy where there aren't any assets to pay off the creditors' unsecured debts
How to use "no-asset case" in a sentence
  1. Despite the liquidation proceeding, it turned out to be a no-asset case with nothing left for the creditors.
  2. James filed for bankruptcy, but it was a no-asset case as he had already sold all of his belongings.
  3. The creditors withdrew their claims upon realizing it was a no-asset case and there was nothing to recover from.
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