A bankruptcy estate is another name for your property or assets and debts as of the moment you file a bankruptcy.¬¨‚Ä† The estate can also include a few various items which you disposed of¬¨‚Ä† prior to the bankruptcy.¬¨‚Ä† You are required to list all assets and debts in the bankruptcy even those you wish to keep after the bankruptcy.¬¨‚Ä†¬¨‚Ä† Depending on the type of asset and any debts secured by that asset¬¨‚Ä† it may or may not be considered part of your bankruptcy estate.¬¨‚Ä† If it is part of your estate and you have equity in the item, you may be able to exempt that equity.
If you are in a Chapter 7 the asset is abandoned back to you at the conclusion of the case unless the trustee sees equity in it that is non exempt and he liquidates it to pay your creditors on a pro rata basis.
In a chapter 13 you can keep even non exempt assets provided your creditors receive as much as they would receive in chapter 7.
The rules are complicated and not necessarily intuitive.¬¨‚Ä† Your best best it s to talk to a bankruptcy attorney and discuss both your assets and your debts to find out what options you have when dumping your debt.
Call us today at 808-585-1000 for a free no obligation consultation.¬¨‚Ä† Dump the debt and get a fresh start.
We file bankruptcies on all the Hawaiian Islands, Oahu, Big Island, Maui and Kauai.¬¨‚Ä† Find out what we can do for you today!