When faced with the possibility of filing  bankruptcy, BK Answers knows you want the tools to succeed in learning the most you can about the bankruptcy process. Here is a list of bankruptcy terms that begin with the letter "E":
 
Encumbrance is an amount owed, usually a debt that is legally secured by an asset.

Estate refers to all property owned by the debtor or with which the debtor has interest at the time of a bankruptcy filing.

Equity is usually defined as the difference between the market value of a piece of property and any debts against it, such as outstanding mortgages, claims, liens, rights or liabilities. Equity in a home rises as such debts decrease and/or as the value of the property increases.

Exemption as related to bankruptcy, is property that a filer legally may keep from creditors, such as a primary residence or property that is necessary for one’s income. Laws vary by state.

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