Select your state

Bankruptcy

estate

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 Ohio, as in other states, the commencement of a bankruptcy case results in the creation of a bankruptcy estate, which is a central concept in bankruptcy proceedings. This estate becomes the temporary legal owner of the debtor's assets 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 property that is in the possession of someone else if the debtor has an interest in it. The purpose of the estate is to gather the debtor's assets to pay off creditors. However, not all property is included in the estate; debtors are allowed to keep exempt property under both Ohio law and federal bankruptcy exemptions. Creditors are typically paid from the nonexempt assets of the estate. The specific exemptions available and the process of administering the estate are governed by the U.S. Bankruptcy Code and Ohio state statutes.

Legal Articles

State Statutes

Individual & Family Legal Plan

As a LegalFix member, you'll get expert legal services from a local law firm that treats you like an important client. Don't wait—be prepared for life's inevitable legal challenges starting today. And ask your employer, credit union, or membership group about preferred pricing opportunities.

Bankruptcy

estate

Individual & Family Legal Plan

Articles

Ohio State Code

Ohio State Code

Bankruptcy

estate

Articles