Pennsylvania Jury Instruction - Concealment Of Property Belonging To Bankruptcy Estate Of Debtor
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FAQ
Examples of assets in bankruptcy filings include: Business-related property. Financial assets, such as investments or deposit accounts. Land or a primary or secondary home. Personal and household items. Property related to farming and commercial fishing. Vehicles. Any other property otherwise not stated.
: possessions, property. especially : a person's property in land and tenements. a man of small estate. (2) : the assets and liabilities left by a person at death.
However, in the financial and legal sense of the term, an estate refers to everything of value that an individual owns?real estate, art collections, antique items, investments, insurance, and any other assets and entitlements?and is also used as an overarching way to refer to a person's net worth.
Property of the estate is defined broadly to include all tangible and intangible property. Tangible property includes all types of physical property that a debtor owns or has an interest in, such as machinery, equipment, inventory, furniture, and fixtures.
"Concealment" can mean hiding property or assets. It also includes preventing the discovery of assets, transferring property, or withholding information that is required to be made known.
An estate, in real estate, is an interest in land measured by some period of time. It refers to the degree, quantity, nature, and extent of interest a person has in real property. There are different types of estates, each differing from another with respect to the rights and duties of the owner.
Section 541 is expressly made applicable to chapter 13 cases by section 103(a). Section 1306 broadens the definition of property of the estate for chapter 13 purposes to include all property acquired and all earnings from services performed by the debtor after the commencement of the case.
The bankruptcy estate is the pool of assets that will be used to satisfy the claims of creditors. Generally, all of a debtor's legal and equitable interest in property as of the filing of the bankruptcy petition and commencement of the bankruptcy case becomes property of the bankruptcy estate.