When you file for Chapter 7 bankruptcy in Minnesota, there will be many technical terms used in communication with the bankruptcy court. It is important to talk to your Minneapolis Chapter 7 lawyer about any terms that you do not understand so you can be confident that you know what is happening in your case. In this post, we will explain one term that is important for all Chapter 7 bankruptcy filers to fully understand. That term is “bankruptcy estate.”
Bankruptcy Estate Definition
When you file for your bankruptcy, you are, temporarily, no longer the owner of your property. Instead, an entity known as the bankruptcy estate is technically the owner of your property and any property in which you have an interest. The bankruptcy estate may include property that you own at the time you file for Chapter 7 relief, property that you are entitled to receive (such as wages and inheritances), marital property, and certain property that you acquire within 180 days of filing for bankruptcy. This may include inheritances, divorce settlements or insurance proceeds, for example.
At the conclusion of your bankruptcy case, any property that was not liquidated from your bankruptcy estate will once again be under your control.
Define Your Personal Bankruptcy Estate with the Help of a Minneapolis Bankruptcy Lawyer
In order to determine exactly what property may be part of a Chapter 7 bankruptcy estate and what property may be subject to liquidation from that estate, it is important to talk to an experienced Minneapolis Chapter 7 bankruptcy attorney at 952.388.2942 or 800.619.8991. You can also learn more about your rights in bankruptcy by reading our FREE book: What You Need to Know About Filing Bankruptcy in Minnesota.
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