Bankruptcy Estate

When a bankruptcy petition is filed the Bankruptcy Trustee must determine the bankrupt’s estate to determine the financial value of all of his financial interests. The bankruptcy estate is defined very broadly to include, but are not limited to, all tangible interests in property of any kind, certain jointly held property, intangible property, future income and property that has been fraudulently transferred to another in anticipation of the bankruptcy. Limited exclusions include, but are not limited to, Social Security payments, pensions and property in your possession but owned by another.