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Simple English definitions for legal terms
estate's property
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A quick definition of estate's property:
Estate's Property: When someone files for bankruptcy, all of their possessions and assets become the property of the bankruptcy court. This includes anything they own or have a legal or equitable interest in at the time of filing. This is known as the estate's property or property of the estate.
A more thorough explanation:
ESTATE'S PROPERTY
Estate's property refers to the tangible and intangible property interests of a debtor that come under the jurisdiction of the bankruptcy court. These interests include both legal and equitable interests that were owned or held by the debtor at the time of filing the bankruptcy petition.
- A person who files for bankruptcy may have estate's property that includes their house, car, bank accounts, investments, and other assets.
- If a business files for bankruptcy, the estate's property may include its inventory, equipment, patents, trademarks, and other intellectual property.
These examples illustrate that estate's property includes all the assets that belong to the debtor and are subject to the bankruptcy court's jurisdiction. The court may use these assets to pay off the debtor's creditors and settle their debts.