Property that is generally not part of the bankruptcy estate is property that the bankruptcy trustee cannot take to pay your creditors. That property is generally:
- Retirement and pension accounts.
- Property pledged as collateral.
- Employer contributions made for the benefit of the employee such as health insurance.
- Property in your possession that belongs to another individual.
- Property that you receive or buy after the filing date of your petition (there are a few exceptions to this rule such as any inheritance received or entitled to be received within six (6) months after the filing of the petition).
You should consult with an attorney because if the property is not exempted properly or its character is changed prior to filing, it could be lost to the trustee.
Please call me today at (801) 432-8682 to discuss your specific situation and how Bankruptcy may be right for you.
8833 S. Redwood Road, Suite C
West Jordan, Utah 84088
Telephone: (801) 432-8682