Bankruptcy Estate

Motor vehicles, up to a certain value. Reasonably necessary clothing. Reasonably necessary household goods and furnishings. Household appliances. Jewelry, up to a certain value. Pensions. Tools of the debtor's trade or profession, up to a certain value.

As part of the process, consumers may have their assets seized and sold off to pay off at least a portion of their debts. However, not all of their property can be seized. Some assets including cash, your home and your car are exempt from the bankruptcy, based on how much they are worth.

What assets of the debtor are included in the bankruptcy estate? The assets of the bankruptcy estate include all legal and equitable interests of the debtor in property at the commencement of the bankruptcy case. A legal interest means any legal right to the exclusive use and enjoyment of the property.

The bankruptcy trustee usually reviews your assets based on the information contained in your bankruptcy paperwork and the information from your bankruptcy hearing. However, the bankruptcy trustee does have the option to personally inspect your home and your assets.

When you file for Chapter 7 bankruptcy, everything you own on that date (as well as certain property you receive in the six months after you file) is part of your bankruptcy estate. If the property is exempt under federal or state law, you get to keep it.

A review of your debts (such as lots of furniture store debt but very little furniture) public record searches. online asset searches. payroll slips showing deposits into unlisted bank accounts or retirement accounts. bank records and tax returns, and.

If I file for bankruptcy, can I keep my property? If you file for Chapter 13 bankruptcy, the answer is yes.In exchange, you may keep your property (including your car and home), assuming you keep up with payments on any loans secured by the property -- and keep making your repayment plan payments.

If you file for Chapter 7 bankruptcythe kind that gets rid of debt most quicklyyou can keep your house under two conditions: You're current with your mortgage payments when you file (or you've recently gotten current through a loan modification), and the laws in your state allow you to protect (exempt) all of the

The bankruptcy trustees go about finding hidden assets by taking a close look at your debts, as well as doing public record searches, online analysis, tax returns, review reports from former spouses or friends, as well as payroll slips that may show deposits into banks or accounts that you have not listed in your