Bankruptcy Estate
A San Jose bankruptcy lawyer speaks to the issue of your bankruptcy estate...
Debtors in San Jose may wonder what exactly will be included in their bankruptcy. Your bankruptcy estate refers to all of your property that is part of your bankruptcy case. Not all property you own is in your bankruptcy estate. For example, property you acquire after you file bankruptcy generally falls into this category. Thus, you generally don’t need to worry about exempting such property.
There are several broad categories, however, a debtor should understand when considering their bankruptcy estate. First, property a debtor owns and possesses. This includes everything a debtor has in his or her possession that they own whether or not they owe money on the property e.g. an automobile or a house. Next, property a debtor owns but does not possess, e.g. a car you’ve loaned to a friend, or a deposit held by a stockbroker. A debtor must also be aware of property they are entitled to receive. Property a debtor has a legal right to receive is also included in the bankruptcy estate. This would include wages, royalties, or commissions you have earned but have not yet been paid, tax refund, vacation or termination pay, property you’ve inherited but haven’t received etc. Other categories of property included, community property, certain property received within 180 days after filing, and property generated by estate property.
So San Jose, now you know what property is covered in you bankruptcy estate. To ensure that the proper exemptions are applied I recommend contacting an experienced bankruptcy attorney.
If you have questions regarding Bankruptcy in San Jose please contact us at 408.279.2288 for a free consultation or visit www.bkanswers.com and we can connect you with one of our experienced San Jose Bankruptcy Attorneys. After you have spoken with one of our downtown San Jose bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of San Jose Bankruptcy Lawyers can assist you with all aspects of your bankruptcy or bankruptcy litigation case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, San Jose and the South Bay!
