Can you file chapter 7 bankruptcy without significant assets? 5 Answers as of February 04, 2011

I want to file chapter 7 bankruptcy, but I have virtually no assets. I live in an apartment, and I have a very cheap car, but the rest of my stuff is personal items and furniture and none of it is worth much. Is chapter 7 an option for me if I have very little for the trustees to sell?

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Law Offices of Michael J. Berger
Law Offices of Michael J. Berger | Michael J. Berger
Yes, you can still file bankruptcy.
Answer Applies to: California
Replied: 2/4/2011
Greifendorff Law Offices, PC
Greifendorff Law Offices, PC | Christine Wilton
Yes, you may still be able to file.
Answer Applies to: California
Replied: 11/18/2010
Sussman & Associates
Sussman & Associates | Mitchell Sussman
Yes, you can still file bankruptcy.
Answer Applies to: California
Replied: 11/16/2010
The Law Office of Mark J. Markus
The Law Office of Mark J. Markus | Mark Markus
Probably 95% of chapter 7 cases are cases where there are no assets for a trustee to sell. When people are likely to lose assets, they usually file either Chapter 13 or Chapter 11.
Answer Applies to: California
Replied: 11/16/2010
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