Carter filed for bankruptcy on October 1, 20XX. At the time of the time of the filing Carter owned 500 shares of Wal-Mart stock. The balance in his checking account at Safe Bank was exactly $10,000. He also had a job which paid him $1,000 per week. Carter was last paid on September 30, 20XX. Two weeks after filing for bankruptcy Carter's favorite uncle died and left Carter $5,000. Which of the following will be included in Carter's "estate" for bankruptcy purposes (ignoring state or federal exemption laws)

I. The 500 shares of Wal-Mart stock

II. The $10,000 in his checking account

III. $1,000 which was earned by Carter the week after the filing

IV. The $5,000 that was inherited from Carter's uncle

A. I only. B. I and II only. C. I, II, and III only. D. II and IV only. E. I, II, and IV only.

I know the answer is E but could you explain why? Like what goes into the estate and what doesn't? Why isn't number III included in the estate? Does it matter how much money he has in his checking account for it to be in the estate?