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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