Castle Blog

Bankruptcy Terms to Know: Bankruptcy Estate

A Bankruptcy Estate is defined by the U.S. courts as, “all legal or equitable interests of the debtor in property at the time of the bankruptcy filing. (The estate includes all property in which the debtor has an interest, even if it is owned or held by another person.)”

Translation? All of your stuff. Take a picture of everything you own or are entitled to receive on the date of filing and this makes up your bankruptcy estate. So, why is it important for the courts to know about everything that you own? In order to make a plan that will truly help you, the bankruptcy court needs a full picture of everything that you already have. That doesn’t mean that it will be taken away—in fact, an experienced St. Louis Missouri or Illinois Bankruptcy attorney is there to make sure that you can keep the property that is important to you.

In addition, although you don’t own it on the date of filing, the bankruptcy estate also includes your right to receive an inheritance during the six months immediately after filing. Any other property received after filing would not be included.

To truly get credit card debt help, protection from foreclosure, and any other help that is required to prevent your creditors from taking action, you’ll want to be fully honest with your Missouri or Illinois Bankruptcy lawyer and with the court about your bankruptcy estate so you can get on your way to a true fresh start.