What is 'the Esate' in Bankruptcy?
A San Jose bankruptcy attorney defines what is meant by The Estate in a bankruptcy filing
The "estate" is created once a debtor commits to the bankruptcy filing and begins the formal process. The estate is comprised of all of the debtor's property interests at the time that the bankruptcy case begins, and may contain certain exemptions and/or exclusions. The estate may also include certian community property interest if the bankruptcy filer is married. The spouse's interest may also be included, even if they themselves are not filing bankruptcy at all.
Property inherited in a 180-day timeframe from the date the bankruptcy commenced may also be included in the bankruptcy esate.
It is important to note here, with regard to federal tax issues, that someone filing a Chapter 7 or a Chapter 11 bankruptcy, the estate becomes a separate, taxable entity. Not so in the case of someone filing a Chapter 12 or a Chapter 13 bankruptcy.
If you have a question regarding Bankruptcy in San Jose please contact us at 408.279.2288 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 San Jose bankruptcy attorneys we can schedule you a free face to face appointment in our office location nearest you. Our team of San Jose Bankruptcy Lawyers can assist you with all aspects of your case. If you have questions about filing a chapter 7 bankruptcy, a chapter 11 bankruptcy, a chapter 13 bankruptcy, lien stripping, cram down, stopping a foreclosure or wage garnishment, discharging debt, etc. we can help! We have bankruptcy attorneys located throughout California who can assist your financial needs. Please feel free to complete our free bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy.
