Section 541 of Chapter 7 Bankruptcy San Antonio is to deal with all the real estate property. Which is under the sole or joint ownership of the debtor. The property can also be a liability (loans) against the debtor or spouse. If the value of the property is more than the maximum limit set by the court, the trustee can recover the debts by liquidating the estate.
Insurance for the property owner by the debtor is also considering as an asset under section 541. You may have insured the fixed assets of your business like the machinery, land, equipment, and tools. They may also include computers, air conditioners, furniture, and fixture, etc… in some cases, it may also include the life insurance policies, according to the sub-sections of section 541.
Taxes and Contributions
Real estate property also includes a net operating loss. It is purely related to your business. It could be associated with the present financial year or the carryover from the previous fiscal years. The other loss factor which you have carried over could be related to capital investments. The losses will consider as assets, while the profits will be covered under liabilities.
Charitable donations and contributions which you might have made in the previous financial years can also be considered as property under section 541 of the Chapter 13 Bankruptcy San Antonio.
The funds you reserve for paying the real estate property is considering to be a liability which is part of the estate property. It also includes the fee reserved for the payment of licenses and other statutory payments to the interest-bearing accounts.
Deposits and Funds
As a debtor, you might have deposited money into the creditors’ account for security reasons. They are also considering as property under section 541. The general funds which you contribute to the account will also get added to the list of property.
Any community property which is in the name of debtor (you), spouse, or in joint-account will also considering as estate property. The law can view it as part of liquation process. Of course, there are exemptions when the property is for charitable purposes. You can consult your Bankruptcy San Antonio attorney to get more information about how the property can be handled during the liquidation procedures.
Bankruptcy San Antonio- 180 Days Limit
You might have shown interest in buying a real estate property at the time of petition filing. The law is very explicit in defining the term “interest’. That means you might have applied, paid an upfront deposit. Had consultations with a property agent for the property. If you get the ownership of that property within the next six months after petition, the law will consider it as an estate property.
The procedures related to assets and liabilities for the Chapter 7 Bankruptcy San Antonio can be highly complex. You can take the help of your Bankruptcy San Antonio attorney to get a fair trial and judgment after filing the petition.