Definitions for "No Asset Case"
An insolvent estate with no dividend available or possible for creditors.
A Chapter 7 case in which it has been determined by the court that there are no non-exempt assets to be liquidated. In this case, all property held by the debtor remain in their possession.
If there is no property that can be sold to pay your creditors, the case is said to be a no asset case. Although you may have assets such as a house or car, if those assets have liens against them equal to or exceeding the resale value, or they are fully exempt, your case is a no asset case.