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Bankruptcy Estate

The term bankruptcy estate refers to a debtor's legal and equitable interests. A debtor filing for bankruptcy may be able to claim an exemption on certain property in the estate. All property that is not exempt will then be liquidated per Chapter 7. The liquidated assets from the bankruptcy estate will be used to pay the claims of all creditors, according to priority. The liquidated bankruptcy estate will also be used to pay any administrative costs associated with the bankruptcy proceeding. The bankruptcy estate includes the debtor's tangible assets, as well as other things such as stock options and the right to any inheritances, as long as they are received within six months after the bankruptcy is filed. In certain states, referred to as community property states, the estate may also include property owned by the debtor's spouse, even if the spouse does not also file for bankruptcy.

Fast Facts

  • Two out of three people who filed for bankruptcy from 1980-2008 had lost a job.
  • Tennessee, Utah, Georgia, and Alabama had the highest bankruptcy rates from 1980-2008.

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