The quick answer is yes, you can file for Chapter 7 in Casa Grande, AZ, without any tangible assets. It’s known as a no asset Chapter 7. Bankruptcy is designed to help those who are truly in need of financial relief, and that includes those who have absolutely no assets of value. The creators of the bankruptcy laws recognized that there are going to be those who resort to bankruptcy because they have nothing left. It makes no sense to deny someone financial relief simply because they have no way to repay creditors.
Bankruptcy is not necessarily something that allows debtors to walk away from their debts. Technically there needs to be an attempt made at repaying creditors, and what is not paid off is discharged. In Chapter 7, assets are taken by the court and sold off to generate funds for repayment. But not everyone has much in the way of valuable assets that can be turned into cash. This fact is accepted by the court. People can still file for insolvency even when they’ve got nothing for the court to sell.
Another aspect of filing for Chapter 7 in Casa Grande, AZ, are the exemptions. This allows a petitioner to keep assets that might otherwise be taken by the court. For many who have no assets, the exemptions help them retain what little they do have. This is one area of bankruptcy that refers to the state laws for exemption rules. The reason being is that each state has already created the rules for those who are having to deal with wage garnishments. The rules are specific to the state and reflect the needs of residents.
For those who find themselves in the situation of a lot of debt and not much to show for it, Chapter 7 can be a major relief. The ability to eliminate debt in a relatively short amount of time means that the recovery is that much quicker. No more creditors making life miserable, and no more trying to service an impossible amount of debt. Now all income is kept in the bank account as opposed to being sent out to creditors.
For more information about filing for bankruptcy, click here.