Wyoming Jury Instruction - Concealment Of Property Belonging To Bankruptcy Estate Of Debtor
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FAQ
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.
The general definition of estate property contained in 11 U.S.C. 541(a) is intentionally broad to ensure that all assets are included in the bankruptcy estate, prevent asset hiding or exclusion, and allow for flexibility in interpreting what constitutes estate property.
: 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.
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.
Section 541(d) of the House amendment is derived from section 541(e) of the Senate amendment and reiterates the general principle that where the debtor holds bare legal title without any equitable interest, that the estate acquires bare legal title without any equitable interest in the property.
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.
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.