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Bankruptcy

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Commencement of a bankruptcy case creates an estate. The estate technically becomes the temporary legal owner of all the debtor's property. It consists of all legal or equitable interests of the debtor in property as of the commencement of the case, including property owned or held by another person if the debtor has an interest in the property. Generally speaking, the debtor's creditors are paid from nonexempt property of the estate.

In Montana, as in all states, the commencement of a bankruptcy case creates a bankruptcy estate, which is governed by federal law under the Bankruptcy Code. This estate becomes the temporary legal owner of the debtor's property and includes all legal or equitable interests of the debtor in property at the time the bankruptcy case is filed. The estate may also include certain property that the debtor has an interest in, even if it is held by someone else. The purpose of the estate is to ensure that the debtor's nonexempt assets are distributed to creditors in accordance with the provisions of the Bankruptcy Code. Exemptions that allow a debtor to keep certain property from being distributed to creditors are also defined by federal statutes and can be supplemented by Montana state law. Creditors are generally paid from the nonexempt assets of the estate, and the distribution follows the priority rules established by the Bankruptcy Code.

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Bankruptcy

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As a LegalFix Member You Will Be an Important Client of Local Law Firms

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Montana State Code

Montana State Code

Bankruptcy

estate

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