What is a bankruptcy estate?
A bankruptcy estate is the property of the bankrupt person that is subject to administration under the Bankruptcy and Insolvency Act. The estate consists of all property of the bankrupt at the time of bankruptcy, including real estate, choses in action, personal property, and interests in property.
The trustee in bankruptcy is responsible for administering the bankrupt's estate. The trustee's duties include collecting and realizing assets of the estate, paying creditors, and distributing any surplus to the bankrupt.
The purpose of bankruptcy is to give the debtor a fresh start by discharge of debts. The effect of discharge is to release the debtor from personal liability for specified debts.
The Law Offices of the Omar Zambrano has helped thousands of people and businesses in the past to get out of debt and start over.
Our goal is to help you find a fresh start FAST!
Schedule your free consultation today! By Calling 626-338-5505 or visiting us at 12738 Ramona Blvd Baldwin Park CA 91706