The bankruptcy estate can includes all of the assets a Debtor has which can be liquidated by a court-appointed trustee in the bankruptcy liquidation process.
Assets in a bankruptcy estate can include:
- real personal property such as cars, jewelry and cash
- intangible assets such as intellectual property rights and unexpired leases
Filing a Bankruptcy Petition creates the bankruptcy estate (whether the bankruptcy is filed voluntarily or involuntarily). After the bankruptcy estate is established it is administered by the trustee. Section 541(a) of the U.S. Bankruptcy Code outlines what is included in the bankruptcy estate which is all equitable and legal interests of the debtor at the time the bankruptcy petition is filed as well as other types of property that the debtor receives within 6 months of filing the bankruptcy petition (if the assets would have been included in the bankruptcy estate at the time of the bankruptcy filing).
Common types of property which may be considered part of the bankruptcy estate after the filing date can include property received from an inheritance, decrees of a divorce or a life insurance policy. It is important to talk to a bankruptcy lawyer for more information about how to determine what assets and property may belong to your bankruptcy estate. Certain assets legally are not considered part of a bankruptcy estate including: pensions, 401K plans, life insurance policies or annuities. Exemptions vary by state.
More Help on Bankruptcy Estate
- Bankruptcy Code - The United States constitution outlined in Article I, Section 8, gave the right of Congress to establish \"uniform laws on the subject of bankruptcies.\" - read more
- Debtor - A debtor is an entity or person who owes a debt or a service to another person or entity which can also be called a Creditor. - read more
- Exemptions - Bankruptcy exemptions are a list of all the assets, personal items and goods that can not be liquidated in Chapter 7 Bankruptcy or sold in Chapter 13 Bankruptcy to repay creditors. - read more
Find Other Articles
- Tagged with the keyword: