As rumors swirl about a possible bankruptcy filing by Borders bookstore, new reports indicate that while Borders is working hard to negotiate settlements and new agreements with publishers outside of bankruptcy, they have refused to hire bankruptcy counsel.
Four consecutive years of losses and a Borders’ warning on Dec. 9 that the bookseller could face a [...]

The assets of debtors who file bankruptcy are pooled into what is called the “bankruptcy estate.” The bankruptcy estate is controlled by the bankruptcy trustee and is used to repay creditors when applicable. Below are four things you need to know about the bankruptcy estate:

Debtors are given the choice between federal exemptions and local exemptions.
Among the many things to think about when considering bankruptcy, is “Which set of exemptions should you use?”  The book, Personal Bankruptcy For Dummies, speaks of the choice that debtors are faced with.
The book says:
“Although bankruptcy law is generally the province of the federal government, [...]