What defines No-Asset

[dmeyer07]

Filed Chpt. 7 I have no proprety that is not exempt, i have no income, and no money on hand or anywhere however i have a jeep that im behind on (title loan) and im voluntarily surrendering it. Does this mean i'll be an asset case because of the jeep?

From what i've read an asset case is only when there is money or assets to be distributed to non-secure lenders is this correct?

Really hopping for a no-asset case!

[HHM]

Not likely.

If the only creditors entitled to the asset is a secured creditor (e.g. title loan) that does not make you an asset case.

[dmeyer07]

Great that's what i thought just wanted to clear that up! Thanks

[AngelinaCat]

For others reading this thread, here is the definition/explanation of Asset/No Asset:

You are entitled to certain exemptions depending on your state, and whether or not you have the option of claiming the Federal exemptions. Anything that is covered by those exemptions, is out of the trustee's clutches. However, if your exemptions do NOT cover all of your possessions, anything left over becomes an Asset that the trustee can seize and liquidate to satisfy your creditors. That is what makes an Asset Case.

Good luck to you!

[dmeyer07]

For others reading this thread, here is the definition/explanation of Asset/No Asset:

You are entitled to certain exemptions depending on your state, and whether or not you have the option of claiming the Federal exemptions. Anything that is covered by those exemptions, is out of the trustee's clutches. However, if your exemptions do NOT cover all of your possessions, anything left over becomes an Asset that the trustee can seize and liquidate to satisfy your creditors. That is what makes an Asset Case.

Good luck to you!

Thanks!

I have a few assets (motorcycle,furniture,household items,etc) But those are all covered under my state exemptions. I have over $7500 left of unclaimed exemptions but I don't have much property to exempt.

The reason I was asking was because I didn't know whether or not surrendering a vehicle meant i was bringing an asset into the case, making it an asset case. However from what I understand since all my property is exempt (minus my tax refund i guess if they take that) the jeep goes to the Secured creditor and I effectively have no remaining assets to distribute.