Definition of Bankruptcy estate
Bankruptcy estate are all the assets (estate) of a debtor (person declaring bankruptcy) in bankruptcy that may be used to satisfy (usually to a some degree) the creditors. The Bankruptcy estate is the sum of all the debtor’s legal and equitable interests in property (which has not been fully realized, such as pending stock options, litigation rights, pending inheritances or legal and tax benefits) as set out in the national bankruptcy laws. In the United States, the assets of the bankruptcy state were those accrued to the bankrupt within 180 days of filing.
There are a number assets excepted from the Bankruptcy estate, depending on the country or state. This include, in the United States, spendthrift trust, assets in retirement plans and homestead property.
Discharge in Bankruptcy
Trustee in Bankruptcy