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Term of the Day
bankruptcy estate
bankruptcy court
bankruptcy trustee
Definition
The
legal
property
of a
debtor
who is in
bankruptcy
and that is
available
to
pay
his or her
creditors
. This
estate
can consist of the
debtor's
interest
in
jointly
held
property, however it does not include any
assets
that are held in
ERISA
qualified retirement plans
and any 401(k)
retirement plans
.
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