Generally speaking, a bankruptcy estate is the total value of all of your property on the date that you file for bankruptcy protection. For the most part, any property that you acquire the right to after you file for bankruptcy is not part of the bankruptcy estate. Each state allows a certain number of exemptions from the bankruptcy estate, including, for example, a homestead exemption for a primary residence.
Instructions
1. Inventory all of the property you own and possess, own but don't possess, and don't currently own but have the legal right to receive. Property you have the legal right to receive includes such things as earned but unpaid wages, legally due tax refunds, and property you have inherited but have not received.
2. Estimate the current replacement value of each item of property in your bankruptcy estate. This means you have to estimate what it would cost to buy a replacement for each piece of property you own, such as televisions, cars and real estate.
3. Reduce the value of each of your properties that you own jointly with another person. For example, if you and your spouse jointly own a car, you only claim half the value of the car, unless you and your wife are filing bankruptcy jointly.
4. Insert each property's estimated replacement value on the property value worksheet.
5. Add up the individual property values to get a combined total estate value.
6. Review your state laws on allowable exemptions. Each state has its own exemption laws, so you have to check your state's laws on what is allowed.
7. Total your exemptions and reduce this amount from your combined property value. The amount you have left is your bankruptcy estate.
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