Property Included in Bankruptcy

: Chris Lee Law Firm

  Filed under: Bankruptcy

Property in BankruptcyWhen you start a bankruptcy case, the court considers all of your property to be part of your estate. Any property you get after you start your case will not be included in the estate, and you will not need to inform the trustee.

The property you own and have possession of regardless if you still owe on it.

  • Real estate
  • Vehicles
  • Tv and stereo equipment
  • Household appliances
  • Art
  • Stocks

The property you have that belongs to someone else, such as borrowing a car from a family member will not be included in the estate since you don’t have the right to sell it.

The property you own but don’t have possession of will be included. These items can be:

A car you own, but someone else is using
Security deposits that your landlord or utility companies are holding

  • A business you invested in
  • Wages
  • Commissions
  • Royalties
  • Tax refund

Community Property

If you are married and file bankruptcy, all the property you and your spouse own is considered community property. Also, if you or your spouse have separate property, that will be included in the bankruptcy case. If your spouse does not file bankruptcy with you, their separate property will not be included in the case, but the community property will.

Most of the property you acquire after filing bankruptcy isn’t included in the case.

  • An inheritance
  • From a marital settlement
  • Death benefits from policies

If you are considering filing bankruptcy and have questions about what will be included in your estate contact a Fort Worth bankruptcy attorney.


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