Bankruptcy-Probate - And the Twain Shall Meet
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Authors
Swanson, Donald L.
Issue Date
1987
Volume
20
Issue
Type
Journal Article
Language
Keywords
Alternative Title
Abstract
FIRST PARAGRAPH(S)|The Bankruptcy Code and the Probate Code both deal with distribution of assets. Until recent times, however, few practitioners have been faced with the interrelationship of the two. In light of the depressed agricultural economy and prevalence of bankruptcy in Nebraska in recent years, the interrelationship raises issues that must be addressed.|Bankruptcy and probate interrelate in various ways, including the following: (1) The personal representative may wish to file a bankruptcy petition and reorganize the decedent's estate under the Bankruptcy Code. (2) Upon death of the bankruptcy debtor, the personal representative may wish to proceed with the existing bankruptcy case. (3) When property is jointly owned by a bankruptcy debtor and a decedent's estate, questions arise concerning liquidation and apportionment of property. (4) A personal representative must take care in distributing assets when the beneficiary of the decedent's estate is a bankruptcy debtor. (5) The probate estate may be a creditor in a bankruptcy case. |This Article addresses briefly the foregoing matters pertaining to the interrelationship of bankruptcy and probate...
Description
Citation
20 Creighton L. Rev. 435 (1986-1987)
Publisher
Creighton University School of Law