A no asset report by the standing bankruptcy trustee means there are no assets to administer in the bankruptcy case for the benefit of creditors. It's either because your exemptions are great enough to protect all of your belongings, or that there is no significant value that the trustee would receive if they tried to liquidate the unexempt asset. (The trustee does not want to sell your used VHS cassette tapes at a flea market to make $11)
The no asset report is filed shortly after the 341 meeting of creditors. If everything is proceeding as planned, the chapter 7 discharge should come about 2 months later.
