Jaxx, a single individual, purchases a home in Santa Monica, California (Los Angeles County). In 2011, he purchased the home for $700,000 and borrowed $600,000 from a lender. 10 years later, Jaxx has to file bankruptcy as a result of being terminated from his employer and suffering some financial difficulties. At the time of the bankruptcy filing, Jaxx owed $400,000 to the lender and the home price had appreciated to $900,000. Jaxx had $100,000 in credit card debt and owed $100,000 in alimony payments. Can Jaxx property, or a portion of it, be included as an asset of the bankruptcy estate?
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