Common Legal Terminology

No-asset case -

A Chapter 7 case in which there are no assets available to satisfy any portion of the creditors’ unsecured claims.

Nolo contendere -

No contest. A plea of nolo contendere has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.

Nondischargeable debt -

A debt that cannot be eliminated in bankruptcy. Examples include a home mortgage, debts for alimony or child support, certain taxes, debts for most government funded or guaranteed educational loans or benefit overpayments, debts arising from death or personal injury caused by driving while intoxicated or under the influence of drugs, and debts for restitution or a criminal fine included in a sentence on the debtor’s conviction of a crime. Some debts, such as debts for money or property obtained by false pretenses and debts for fraud or defalcation while acting in a fiduciary capacity may be declared non dischargeable only if a creditor timely files and prevails in a non discharge-ability action.

Nonexempt assets - Nonexempt assetsProperty of a debtor that can be liquidated to satisfy claims of creditors.