WHAT IS A BANKRUPTCY ESTATE?

A bankruptcy “estate” is defined in Title 11 of the United States Code § 541. It is a very broad definition and includes all legal or equitable interests of the debtor in property, wherever located, as of the commencement of the case. It also includes any property in which the debtor has an ownership interest that is recovered by the trustee if it was merely out of the possession of the debtor.

In certain circumstances, property acquired by the debtor within 180 days after the filing of the case may also be considered part of the bankruptcy “estate”. A Utah attorney should be consulted if there is any question as to whether specific property will be included in the bankruptcy “estate” and the Utah exemptions that may be available to the debtor.

Advertisements

IN BANKRUPTCY WHAT ARE CLAIMS?

In a broad sense, a claim is any right to payment held by a person or company against the debtor(s) and the debtor’s bankruptcy estate. A claim does not have to be a past due amount but can include an anticipated sum of money which will come due in the future.
The written statement filed in a bankruptcy case setting forth a creditor’s claim is called a Proof of Claim. Under the Federal Rules of Bankruptcy Procedure, with a few limited exceptions, claims filed by creditors, except governmental units, in chapter 7, 12 and 13 cases, must be filed within ninety (90) days after the first date set for the meeting of creditors. More information on Utah bankruptcy can be found at www.dlblaw.com