When your attorney files your bankruptcy petition, almost all of your property falls under the authority of the bankruptcy court and trustee’s authority. The court can order any non-exempt property that is in your estate to be sold and the proceeds given to your creditors.
The following property is not in your bankruptcy estate:
- Property you buy or receive after you file your bankruptcy petition;
- Pensions and retirement;
- Tax-deferred education funds;
- Property pledged as collateral for a loan, such as at a pawnbroker;
- Property that you are holding for someone else;
- Any child support arrearages you are owed;
- Any wages that are being withheld that are made for employee benefit and health benefits.
It’s important to know what is an is not in the bankruptcy estate, since only property that is in the estate is subject to being taken by the trustee.
If you’d like to know what can or cannot be taken by the trustee, we hope you’ll come in for a free, no-obligation consultation with an experienced lawyer. You can make an appointment by calling 303.331.3403 or by using our online scheduling system.