When a debtor files a bankruptcy petition, an estate is created and the estate includes all legal or equitable interests of the debtor in property as of the commencement of the case


Law Lessons from LILIANA WILSON VS. JAMES WILSON, App. Div., A-3867-10T2, October 23, 2012:

Under federal law, when a debtor files a bankruptcy petition, an estate is created and the estate includes “all legal or equitable interests of the debtor in property as of the commencement of the case.” 11 U.S.C.A. § 541(a)(1). Thus, an equitable interest in property is part of the bankruptcy estate. See Reid v. Reid, 310 N.J. Super. 12, 20 (App. Div.), certif. denied, 154 N.J. 608 (1998); Colucci v. Colucci, 251 N.J. Super. 73, 78 (Ch. Div. 1991). Generally, “[t]he trustee, after notice and a hearing, may . . . sell . . . property of the estate . . . .” 11 U.S.C.S. § 363(b)(1).



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