Even if you have no property or assets, you can file for bankruptcy. In fact, most Chapter 7 bankruptcy cases are filed by persons without the money or property with which to repay the claims of their creditors. As a consequence these are referred to as “no-asset” cases. The proceed in a fairly straightforward manner; there is a discharge hearing and the court cancels the debts found in the debtor’s petition, provided there are not objections on the part of the creditors. For an individual to file for Chapter 7, his or her medium income must be less than the median income of the state in which he or she resides. If this is not the case, Chapter 13 is an option; it involves repaying a portion of the debt.