Bankruptcy Estate Law and Legal Definition
Bankruptcy Estate refers to the estate of a debtor in bankruptcy. It includes the debtor's legal and equitable interests in property. TheUS Bankruptcy Code defines bankruptcy estate as all legal and equitable interests of the debtor including any property that is community property of the debtor and his/her spouse. [11 USCS § 541]. In addition to tangible assets of the debtor, a bankruptcy estate can include a right to file a lawsuit, stock options, rights to inheritance received within six months after bankruptcy is filed, tax refunds, intellectual property and carry forward losses.
