

The Law Office of
Heather A. Harwell, PLLC
Serving Wesley Chapel, New Tampa, Zephyrhills, Dade City, Land O' Lakes & Lutz
Free Telephone or Video Consult

Bankruptcy
A$$et$ Defined
Assets are what the Bankruptcy Code considers "property of the estate" (11 U.S.C. sec. 541). Once you file a Chapter 7 Bankruptcy, things you own become property of the bankruptcy estate. If you don't have an exemption to apply to an asset, then the bankruptcy trustee has the option to do one of the three things with that asset: 1) confiscate the asset and attempt to sell it



to obtain money to pay your creditors; 2) allow you to "buy back" the property by paying the trustee the fair market value of the property; or 3) determine that the asset has little or no value and allow you to keep it without recourse. (Handbook for Chapter 7 Panel Trustees). Assets include any property which you do not own at the time of filing your bankruptcy petition but have an expectation of ownership within 180 days of filing bankruptcy, such as property that has been willed to you by a person who has recently died or a remainder interest in real property. (11 U.S.C. sec. 541(a)(5)). All of the following are considered assets or "property of the estate":​​
1.
Your House & Everything In It​
2.
Anything in Storage or Held for You by Someone Else​
​
3.
Any Vehicle Listing Your Name on the Registration or Title,
Including Cars, Boats, Golf Carts, ATV's, Planes and RV's
​4.
Money Held in Any Account With Your Name on It, Including Bank Accounts,
Certificates of Deposite, PayPal, Bit Coin Accounts, Money Market Accounts,
Stock Investments & Retirement Accounts.​
5.
Cash on Hand Not Held in an Account, Bonds and Safety Deposit Box Contents​
6.
Your Interest in Any Real Property and the Income Generated By Any Real Property,
Including Your Home, Rental Property, Easement Interest, Time Shares & Mineral Rights;
This Includes Any Items Stored in or on the Property to Which You are Titled​
7.
Your Interest in Any Business Entity​
8.
Intangible Property Such as Copyrights and Patents
as Well as Any Income Generated by the Intangible Property​
9.
Anticipated Lawsuit Proceeds, Tax Refunds, Inheritance,
Trust Distributions, Real Property Transfers, & Sale Proceeds​
10.
Property Transfered by You Before Your Bankruptcy
That is Determined to Have Been Fraudulently Transferred
​​​11.
Community Property (this does not apply if you have
lived in Florida at least 2 years before filing bankruptcy
The information provided in this website and blog page is intended for informational purposes and should not be construed as legal advice. You should never rely solely on websites for legal information or advice and contact a licensed attorney with any questions you may have.