ABSTRACT
A bankrupt’s estate includes all property belonging to or vested in the bankrupt at the commencement of the bankruptcy1 unless specifically excluded by statute or at common law; these excluded assets are explained below. The bankrupt’s house does not fall into the category of exempt asset, but the trustee in bankruptcy may need the leave of the court to sell it. Property falls into the bankrupt estate subject to the rights of any third parties2 unless those rights have been released.3 Property held by the bankrupt on trust does not fall into the bankrupt’s estate.4 Assets (including income) which the bankrupt acquires in the course of the bankruptcy may also be taken into the estate, as explained below.
