When your bankruptcy filing is approved, your entire bankruptcy estate is considered as the bankruptcy trustee makes the decision as to which of your items are to be liquidated to pay back creditors. So what exactly is your bankruptcy estate?
Your bankruptcy estate is basically everything that you own. It is not necessary that you have physical possession of the item. It is simply required that you own the rights to it.
This means that out of state property and land are considered part of your estate. It also means that any and all banking and checking accounts, all transportation vehicles you may own, stocks, bonds, and other financial instruments. It even applies to the things that you own inside of your home such as furniture, kitchen appliances, and so on. The bankruptcy is empowered to liquidate any and all of these items to repay the creditors.
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Things that are not considered part of your bankruptcy are items that you merely have in your possession. For example, if a member of your family has loaned you the use of his car for a while, the car is not owned by you and therefore not considered part of your estate.
If you happen to live in a community property state, the situation is a bit stickier. In this instance, all property that is owned jointly by you and your spouse is considered part of your bankruptcy estate and therefore subject to being liquidated. Any items that your spouse owns individually from you, however, is not considered part of your bankruptcy estate and therefore, not subject to liquidation.
Properties that you don't yet have, but are entitled to receive are also considered part of your bankruptcy estate. For example, if you are a recording artist and have earned royalties of $10,000 that you have not received, that $10,000 is considered part of your bankruptcy estate, even though you haven't received it yet.
The same is true for salesmen who have racked up sales, but received no commission yet. And for salaried employees who have worked for a number of weeks but have not yet received their paycheck. In other words, any monies or properties that are due to you are part of your bankruptcy estate and can be subject to being liquidated.
Anyone not completely sure of what his assets are as he enters into bankruptcy should contact a bankruptcy attorney to help him sort out the details.
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