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Bankruptcy - What is an Asset?An Asset is any type of property that the debtor owns. In some situations this could be property that the debtor has an shared interest in. During a bankruptcy case the debtor must disclose all assets. These assets will become a part of the bankruptcy estate. A debtor may own assets that are exempt from the bankruptcy estate. The assets that a debtor is allowed exception to is determined by state and federal laws. The description above is not a comprehensive legal definition but rather an informal description of the term and how it may be used in a case involving bankruptcy. |
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