Assets of your bankruptcy estate include everything you own.

Your property is measured only on the date of filing and any property you earn, win, find, or otherwise acquire after the case is filed is not property of the bankruptcy estate and is not under the trustee’s control. To illustrate this sequence, let’s say you buy a lottery ticket on Monday. Once you buy the ticket you own that number and it’s considered part of your property. If you file bankruptcy on Tuesday, the ticket, along with everything else you own, becomes property of your bankruptcy estate. If on Wednesday, the lottery drawing makes your ticket the winner, the prize is property of the bankruptcy estate and would be claimed by the trustee to pay your debts. On the other hand, if you file the bankruptcy case on Monday, and then buy the lottery ticket on Tuesday and then on Wednesday your number is drawn and is the winner, that money would not be property of the bankruptcy estate. There are two types of property that could become part of your bankruptcy estate even after the date of filing. Type 1: A gift or inheritance left to you by someone who dies during the 180-day period following filing. Type 2: Property awarded to you in a divorce or separation action as a division of property during the 180 days following filing. Filing bankruptcy requires that you temporarily turn over your rights in property to the trustee appointed to your case and in most cases, the trustee eventually determines that there is nothing to recover or distribute to creditors and he or she abandons all interest in your property and you again are the legal owner for all intents and purposes. Usually this takes place within 4-5 months after filing. Until the trustee abandons all interest in your property, you are not free to sell or borrow money against your property without first getting permission from the Court and the trustee.