What is a Bankruptcy Trustee?
The Bankruptcy Trustee is the person appointed by the U.S. bankruptcy Trustee and approved by the bankruptcy court to take charge of and administer the debtor’s estate during bankruptcy proceedings. In a Chapter 7 bankruptcy case, the Trustee is the court-appointed official who has two primary roles. First, he is to verify that you are eligible for Chapter 7 and that the schedules you signed under oath and filed with the court are accurate. Second, if the trustee locates any assets that are not protected by state or federal exemptions, he is to sell them and distribute the proceeds of that sale to your creditors. In most cases, there are no assets to liquidate, so do not be concerned. If the trustee does identify assets, we probably have already advised you about this possibility. In a Chapter 13 bankruptcy case, the trustee is the court-appointed official who is responsible for reviewing your proposed repayment plan, making recommendations to the court regarding the feasibility of tha
Related Questions
- Are payments received from Pathfinder subject to recovery in the event the Bankruptcy Court trustee seeks to recover monies previously paid to Gramercy Court lenders?
- How does a person buy back their own assets from the bankruptcy trustee?
- What kind of questions does the bankruptcy trustee ask people?
