What is considered “property of my Chapter 7 Bankruptcy estate?"
Once a petition for bankruptcy is filed a bankruptcy estate is created pursuant to the Bankruptcy Code. A trustee is then appointed - it is the trustee's duty to liquidate all the property of the bankruptcy estate. The estate is comprised of all the debtor's legal and/or equitable interests in property as of the date the petition for bankruptcy was filed. Thus, the bankruptcy estate can include all real property, crops, livestock, equipment and other machinery, contract rights and leases. Property that the debtor acquires 180 days of filing the bankruptcy petition is also included within the bankruptcy estate - typical property includes inheritances, divorce decrees, life insurance policy, etc.
However, there is certain property considered exempt and is not included within the bankruptcy estate. For example, a debtor's earnings from personal services performed after the filing of a Chapter 7 Bankruptcy, but before termination of the bankruptcy proceedings, are not included within the bankruptcy estate.
If you have any questions about filing for bankruptcy, contact Wood, Atter & Wolf, P.A., to speak with a bankruptcy attorney.
Greg Gilbert
Keith Maynard
