Asset vs. No Asset case

In “no asset” cases, there is no claims-filing deadline and the bankruptcy court usually issues a notice advising creditors not to file proofs of claim absent further notice. (However, the court generally will accept proofs of claim for filing in no asset cases.)
Where assets are discovered, the court establishes a claims-filing deadline and creditors are given 90 days’ notice thereof.

Advertisements

Leave a comment

Filed under Uncategorized

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s