If you are considering filing for bankruptcy, turn to our team to get the help you need to understand what your bankruptcy estate includes.
Here at Morgan & Partners Inc., we want to help you do what’s best Barrie and surrounding Central Ontario for your financial situation, whether you are starting in a good financial place and want to grow your wealth, or you are starting in a bad situation and want to pull yourself out. If you are having financial troubles, we encourage you to reach out to our team to learn more about your options, including filing for bankruptcy.
If you decide that filing for bankruptcy is the best decision for your circumstances, our team will help you move forward with the process. We will go over everything that is included in your bankruptcy estate, so you understand what can be used to pay back your outstanding debts. In general, a bankruptcy estate includes all your tangible assets, such as your home and vehicle, as well as intangible assets, such as stock options, tax refunds within a certain period, and intellectual property, such as trademarks, copyrights, and patents. The only things typically excluded from a bankruptcy estate are the things that are necessary for you to maintain a job and a household, as well as certain pensions and educational trusts. Our team understands that figuring all this out is confusing and overwhelming, so we encourage you to reach out to us to get answers to any questions you have.
We are proud to serve Barrie and surrounding Central Ontario communities, and we understand how difficult it is to deal with bankruptcy. If you are looking for expert help with a bankruptcy estate, just give us a call.
Contact Morgan & Partners Inc. Today!
FAQs About Bankruptcy Estates
Filing for bankruptcy isn’t something anyone expects they will have to do, so there are many aspects of it that people don’t know about. For example, you may not have heard about what a bankruptcy estate is or what role it plays in the bankruptcy filing process. Learn more from the frequently asked questions below and contact us if you have any other questions for us about bankruptcy estates.
What is a bankruptcy estate?
A bankruptcy estate refers to all the assets and property that a debtor owns when they file for bankruptcy. It is an entity created for the purpose of distributing these assets and property to creditors to pay for debts.
Who manages the bankruptcy estate?
Bankruptcy estates are not managed by the debtor. A licensed insolvency trustee is appointed by the court, and then it is the trustee that must distribute assets and property to creditors according to the priorities set out by bankruptcy laws.
How does a bankruptcy estate pay creditors?
A licensed insolvency trustee’s responsibility is to liquidate the bankruptcy estate’s assets. For example, they may sell the debtor’s property if it is free of liens. Property and assets may be sold through a broker or auctioneer.
What else should I know?
All our employees are accredited estate administrators, and we have over 30 years of experience you can rely on. Our knowledge of bankruptcy estates allows for swift, careful distribution of assets among creditors to free debtors of their debt.
Contact Morgan & Partners Inc. Today!
At Morgan & Partners Inc., we can help you learn your rights and options regarding a bankruptcy estate in Barrie, Brampton, Guelph, Innisfil, Newmarket, Orillia, Milton, Gravenhurst, Toronto, and Muskoka, Ontario.
