Property Which Becomes Part of the Bankruptcy Estate
Property Which Does Not Become Part of the Bankruptcy Estate
Property Which Becomes Part of the Bankruptcy Estate Includes the Following Property Wherever Located:
- All legal or equitable interests of the debtor in property as of the start of the case.
- All interests of the debtor and the debtor’s spouse in community property as of the start of the case that is under the sole, equal or joint management and control of the debtor.
- All interests of the debtor and the debtor’s spouse in community property as of the start of the case that is liable for an allowable claim against the debtor and the debtor’s spouse.
- Property recovered by the trustee under specific sections of the Bankruptcy Code.
- Any interest in property preserved for the benefit of or ordered transferred to the estate under certain sections of the Bankruptcy Code.
- Any interest in property that the debtor acquires within 180 days of the start of the case by bequest, devise, inheritance, martial property settlement agreement or final divorce decree or as beneficiary of a life insurance policy or a death benefit plan.
- All proceeds, products, rents or profits of or from property of the estate, except for earnings of debtor’s services after the start of the case.
- Any property acquired by the estate after the start of the case.
- Any interest of the debtor in property even if the agreement with respect to such property restricts or conditions transfer or is conditioned on insolvency or financial condition of the debtor.
- Any property in which the debtor holds legal title but not equitable title becomes property of the estate to the extent of debtor’s legal title in the property.

Property Which Does Not Become Part of the Bankruptcy Estate:
Each state has its own list of exempt property. The federal government also has a list. Generally, the debtor must take the exemptions of the state in which he files bankruptcy. Some states, however, allow the debtor to choose between the state exemptions and the federal exemptions.
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