There is a variety of different terms used in a bankruptcy case, so it is important to understand what they mean before you file a Chapter 7 of Chapter 13. One term that is commonly used in a bankruptcy filing is the debtor’s “bankruptcy estate.”
When you file a personal bankruptcy, an entity known as the bankruptcy estate is created and it is technically the owner of your property and assets. Although you are temporarily no longer the owner of your assets, you still keep possession of them. Your bankruptcy estate includes the assets at the time you file your case, property you are entitled to receive (such as your salary), and certain property that you obtain within 180 days of filing for bankruptcy.
At the conclusion of your bankruptcy case, any assets not liquidated (which is typically the majority, if not all, of your assets) will once again be under your ownership and control. It is common for debtors not to be aware that a bankruptcy estate even exists. However, if you hear terms related to your bankruptcy that you do not understand, it is important to confer with us.
Contact The “Milwaukee Bankruptcy Attorneys,” DeLadurantey Law Office, LLC. DeLadurantey Law Office focuses on Chapter 7 and 13 bankruptcy, debtor’s rights, debt negotiations, debt relief, mortgage loan modifications, and foreclosure defense. A “defender of the little guy, “DeLadurantey Law Office serves the following location – Milwaukee, South Milwaukee, West Milwaukee, Waukesha City, Waukesha Town, Kenosha, Racine, and all other municipalities in Milwaukee County, Waukesha County, Kenosha County, and Racine County. We can be contacted by phone: (414) 377-0518 and can be found on the Internet and on Facebook.