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Simple English definitions for legal terms

bankruptcy estate

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A quick definition of bankruptcy estate:

A bankruptcy estate is all the things that belong to someone who has filed for bankruptcy. This includes everything they own, even if it's not physically with them. Some things, like pensions and things they need to live, are not included. When someone files for bankruptcy, a special person called a trustee takes control of their things and uses them to pay back the people they owe money to. The trustee can also take back things that were given away or taken by others before the bankruptcy was filed. But there are some things that can't be taken, like money for child support and things the person needs to live.

A more thorough explanation:

A bankruptcy estate is all the property that belongs to a person who has filed for bankruptcy. This includes everything the person owns or has an interest in, even if it is owned by someone else. Examples of property in a bankruptcy estate include:

  • Tangible assets like a car or a house
  • Intangible assets like stock options, tax refunds, and intellectual property

When a person files for bankruptcy, all of their property becomes part of the bankruptcy estate. A trustee is appointed by the court to manage the estate and use the property to pay off the person's debts. The trustee also has the power to recover any property that was improperly transferred away by the person or taken by creditors shortly before the case was filed.

However, there are some exceptions to what can be included in a bankruptcy estate. These are called exemptions and they vary depending on the type of bankruptcy being filed. Examples of exemptions in Chapter 7 bankruptcy include:

For example, if someone files for Chapter 7 bankruptcy and they own a car, that car would become part of the bankruptcy estate. However, if the car is necessary for the person to get to work and earn a living, it may be exempt from the estate and not used to pay off debts.

bankruptcy discharge | bankruptcy fraud

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17:28
if they told me this like 2 weeks ago, i would have not gotten an apt in la yet
17:30
i ideally want a fed govt position in dc, but i dont think i can physcially afford to cancel all my plans to attend :(
that really sucks
Coolperson49494
18:08
10k for the life you want vs a school that prob wont get you there is prob worth
Coolperson49494
18:08
id do it although LA biglaw seems more appealing overall tbh
OvertReconditeSpider
18:20
If that person doesnt have 10k however, could be outta luck
yeah i think it comes down to literally not having 10k to blow
OvertReconditeSpider
18:20
Oof
OvertReconditeSpider
18:20
Skill issue
OvertReconditeSpider
18:21
Jk even if i had it. I wouldnt spend 10k just to get out of a lease to switch schools
MightyUnableSphinx
18:29
@menherachan: You should say that to GULC
MightyUnableSphinx
18:30
I mean fuck it right. Like, maybe they can help somehow. Probably they can't but if the alternative is "i dont go to gulc" who cares
MightyUnableSphinx
18:30
Idk I doubt they can give you 10k cash, lmao, but who knows!
Others will disagree, but max out a credit card if you have to do so.
It's 10K. Not 100K.
OvertReconditeSpider
19:29
10K at 21.51% interest. Lol
19:47
Yeah I would definitely disagree. Without family help when could they realistically pay that off?
20:18
If someone can live below the student budget at GULC loans could cover an extra $10K, but Grad PLUS loans still amount to $2 in repayment for every $1 borrowed on a 10-year plan at current interest rates. Not a choice to make lightly.
OvertReconditeSpider
20:19
^
OvertReconditeSpider
20:19
The rates on the stafford loans are garbage too
manifestmoreadmissions
21:59
yeah its not the worst decision and im sure you could find solutions to any problems it might create but idk if it's like a no-brainer
MightyUnableSphinx
0:11
Apply for new credit card w/ 12 month 0% APR intro offer -> Max out card to 10k to get out of lease -> Go to GULC
MightyUnableSphinx
0:11
You now have 12mths to pay back 10k with no interest
MightyUnableSphinx
0:14
If you have decent credit history/credit score i bet the starting balance will be like 15-25k
MightyUnableSphinx
0:14
im actually cooking right now wtf this advice is so good. do not blow up your plan in life because of a fkn lease agreement
1:39
Excuse me everyone. Sorry. I'm planning to take lsat but I see so many different types of textbooks and categories on the market, which books should I start with for a rookie like me? Thanks a lot!
loophole
for LR
1:42
Sincere thanks, with my respect :)
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