This article is the continuation of a blog that summarizes the property that is included in a debtor’s bankruptcy estate. The first part addressed property acquired in various ways such as after the filing of the bankruptcy case. Part two describes marital interests in property.
By taking exemptions, Debtors prevent the liquidation of their exempt property by the trustee. As this is an important, if not vital, analysis since it determines what property a debtor may keep, Alberto Montefalcon and his experience may be invaluable to anyone who needs to make this determination.
A bankruptcy estate includes community property interests if controlled solely, equally, or jointly by a bankruptcy debtor. Any marital property interest liable for an allowable claim against the debtor, or for both an allowable claim against the debtor and the debtor’s spouse, will become part of the bankruptcy estate to the extent that the interest is liable.
Also, any interest acquired as a result of a property settlement agreement with the debtor’s spouse, or as a result of an interlocutory or final divorce decree is property that is included in a bankruptcy estate.
See you next time in Part Three with more!
An experienced Sacramento metropolitan area/Northern California bankruptcy attorney like Alberto Montefalcon is here to help you if your financial position requires the consideration of bankruptcy as a solution to once and for all solve immediate financial problems. Contact his office online or schedule a consultation at any of our three conveniently located offices. Telephone our downtown Sacramento office at (916) 444-0440, our South Sacramento office at (916) 399-9944, or our Concord office at (925) 222-5929.