FUNDAMENTALS OF BANKRUPTCY FOR LENDERS
General Principles of Bankruptcy Law
1. The Estate
a. The voluntary filing of a Bankruptcy Petition creates an estate, much as the death of an individual creates an estate.
b. All property and property interests of a Chapter 7, 12 or 13 debtor are vested in a Trustee, just as a decedent’s property is vested in an executor or administrator.
c. In BAPCPA, Congress exempted from property of the estate funds held in certain educational, retirement and other tax deferred funds.
For additional information on any aspect of BAPCPA, please contact Spotts Fain attorneys, Robert H. Chappell, III or Jennifer J. West.
