The Very Best Ways To enhance Your Credit Score
Матеріал з ТерноВікі
Bankruptcy puts your assets at risk. For example, when your bankruptcy filing is approved, the whole of your bankruptcy estate is considered as liquidation prospects. The bankruptcy trustee is in charge of deciding which of your items are to be liquidated to repay people you owe. But what exactly is your Bankruptcy Law Firm estate and why is it so important?
In essence, your bankruptcy estate is every asset of value that you own or have the rights to. It is not necessary that you have physical possession of the item. It is simply required that you own the rights to it.
At times this can be confusing. But what it basically indicates is that if you have property or land that is out of state, it is still considered to part of your estate. In addition, it means that any and all of your banking and checking accounts, all of your cars and vans that you may own, your stocks, bonds, and other financial instruments are part of your estate as well. And, it even applies to the things that you own inside of your home such as furniture, kitchen appliances, and the like. The bankruptcy trustee is empowered to liquidate any and all of these items to repay the creditors what they are owed.
Merely having possession does not count. That is, items that you merely happen to have in your possession will not be considered a part of your estate. For instance, if a friend or someone in your family has let you use his car for a while, the car is still not owned by you. As a consequence, it is not considered part of your estate assets.
The kind of state that you live in makes a difference as well. For example, if, by chance, you happen to live in a community property state, the situation is a bit stickier. In this instance, all property that is owned jointly by you and your spouse is considered part of your bankruptcy estate and therefore subject to being liquidated. Any items that your spouse owns individually from you, however, is not considered part of your bankruptcy estate and therefore, not subject to liquidation.
But what if you are owed monies that you have not yet received? According to the law, assets that you don't yet have, but are entitled to receive are also considered part of your bankruptcy estate. For example, if you are a recording artist and have earned royalties of $10,000 that you have not received, that $10,000 is considered part of your bankruptcy estate, even though you haven't received it yet.
The same is true for salesmen who have racked up sales, but received no commission yet. And for salaried employees who have worked for a number of weeks but have not yet received their paycheck. In other words, any monies or properties that are due to you are part of your bankruptcy estate and can be subject to being liquidated.
Anyone not completely sure of what his assets are as he enters into bankruptcy should contact a bankruptcy attorney to help him sort out the details.
