What is a bankruptcy trustee, and who will be appointed?
After a bankruptcy case is filed, the court appoints a trustee. The trustee has many functions, but primarily, he is appointed to examine your case, as well as the debtor, orally, to determine whether there would be any assets available for creditors. Most people can take the necessary exemptions to protect their property from their creditors and the trustee, who, after his examination makes a determination as to whether he will take physical possession of, or abandon (return legal control) to the debtor.
• Will the trustee take a debtor’s property if they file? 1. What is a bankruptcy trustee, and who will be appointed? After a bankruptcy case is filed, the court appoints a trustee. The trustee has many functions, but primarily, he is appointed to examine your case, as well as the debtor, and to determine whether there are available for your creditors. Most people can take the necessary exemptions to protect their property from their creditors and the trustee. The trustee then after a thorough examination makes the determination as to whether he will take physical possession of, or abandon (return legal control) to the debtor. In the vast majority of cases, the trustee will abandon all if the property that the debtor owner. Very rarely will the trustee actually take the possession of property in a consumer bankruptcy case. However, if a debtor owns a valuable piece of non-exempt property, then the trustee will take the item and then sell it at a public sale for the benefit of creditor.
