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Bankruptcy Lanigan & Lanigan, P.L.
Experienced Attorneys and Representation
With a Personal Touch

831 West Morse Boulevard Winter Park, FL 32789

407-740-7379

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Determining Individual Property Status in a Bankruptcy

Property in the Bankruptcy Estate           

A common challenge in the process is determining the status of an individual’s property. Outside of bankruptcy exceptions like pensions and education funds, the property you own is part of your bankruptcy. However it is not that simple in determining the status of certain property. Many individuals seeking bankruptcy are not aware that certain property is and is not considered part of the .

If you own the property and posses it then it is part of the bankruptcy estate. Property that an individual controls but does not own is not part of the bankruptcy estate. If an individual has improperly transferred property that he or she used to own than that property is considered part of the bankruptcy estate. Property that an individual acquires after filing for bankruptcy is for the most part not considered part of the bankruptcy estate but there are exceptions.

Understanding what is and is not part of the bankruptcy estate is an important part of the bankruptcy process and decision to pursue bankruptcy. The trustee in a bankruptcy case receives commission based on property that is sold to generate money that is used to pay off creditors.  Understanding what is and is not part of the bankruptcy estate is important in the bankruptcy process.

The attorneys at the Orlando law firm can help you better understand your possible bankruptcy case. Eric Lanigan and Roddy Lanigan have guided numerous clients through the bankruptcy and foreclosure process. Contact the Central Florida attorneys at Lanigan and Lanigan in Winter Park, Florida with any legal issues you have.

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