Showing posts with label most chapter 7 cases in arizona are no-asset cases. Show all posts
Showing posts with label most chapter 7 cases in arizona are no-asset cases. Show all posts

Tuesday, May 24, 2011

A Chapter 7 Liquidation Normally Liquidates...Nothing!



The majority of Chapter 7 Bankruptcy Cases in Arizona are "no-asset" cases, which means that the Bankruptcy Trustee appointed to the case has reached a conclusion that there's no good economic reason to try to liquidate your replica autographed Star Wars Special Edition Obi-Wan FX Lightsaber, even though it's not exempt under the exemption laws in the state of Arizona.

If the trustee can't find at least six hundred or eight hundred dollars, net, worth of non-exempt assets to liquidate in your case, he or she is likely to just walk on by.

Which, in the context of a Chapter 7 Bankruptcy, means to stamp the case "NO ASSETS", and go on to the next file.