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Insolvency is normally a challenging situation and anyone who finds herself in it normally lives with guilt and shame. The new insolvency code expects the debtor to go through credit counseling to have knowledge on how to handle finances in the future. Bankruptcy estate defines what each creditor will get as this is normally the fundamental concept of the financial distress law.
Once an individual has been declared insolvent under chapter 7, all their assets are put in the care of a trustee. This will mean that neither the debtor nor the creditor have any responsibility towards the assets. Bankruptcy estate includes all the tangible property as well any asset that the debtor may choose to be exempt. It also includes other intangible assets such as the right of the debtor to file a lawsuit.
This means that the debtor may not be able to file against any of the listed creditors once his assets have been taken over by the trustee monitoring the case. The estate may also include the right to inheritance received after 6 months of filing a financial distress petition. This could also be inclusive of any tax refunds and any tax loss forward. The bankruptcy estates in such a case will exclude any retirement plans that the debtor could have in his name.
These, according to the law are not included in the property of the estate. However it should be noted that in the United States, such plans can only be confirmed by ERISA. In this case as long as any of the property of the debtor has been put in this category, there is no point for him to further claim it as exempted. The property is out of reach of the creditor.
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