WHAT IS A TRUSTEE?
A trustee is a person who administers bankruptcy cases. The trustee does not represent the debtor or any individual creditor and cannot give legal advice. Rather, the trustee has independent rights and duties that are set forth in the Bankruptcy Code. In a chapter 7 case, the trustee may take possession of the debtor’s assets, sell them, and distribute the proceeds to creditors. In a chapter 13 case, the trustee administers the debtor’s plan of payment, collects the funds, and pays the creditors. The trustee will also oversee the first meeting of creditors.
A trustee is a person who works with the court to administer bankruptcy cases. The trustee does not represent the debtor or any individual creditor and cannot give legal advice. Rather, the trustee has independent rights and duties that are set forth in the Bankruptcy Code sections 323, 327, 341, 343, 345, 363, 364, 365, 704 (chapter 7 cases) and 1302 (chapter 13 cases). In a chapter 7 case, the trustee may take possession of the debtor’s assets, sell them, and distribute the proceeds to creditors. In a chapter 13 case, the trustee administers the debtor’s plan of payment, collects the funds, and pays the creditors. The trustee will also oversee the first meeting of creditors.
A Trustee is the individual or individuals responsible for administering a Trust. For example, if you create a Trust for the benefit of your children upon your death, the Trustee will be the one who is responsible and legally accountable for making sure that the Trust property (i.e. funds) is used for the benefit of your child in accordance with your wishes as stated in the Trust language.
A trustee is the party that administers and oversees the trust property or assets. The trustee holds legal title to the trust property and acts as a fiduciary during the period of trust administration. A trustee may be an individual, or a corporation. More than one co-trustee may be appointed for a single trust.
A trustee is a person who works with the court to administer bankruptcy cases. In a Chapter 7 case, a trustee takes possession of the debtor’s assets, sells them, and distributes the proceeds to the creditors. In a Chapter 13 case, the trustee administers the debtor’s plan of payment, collects the funds, and pays the creditors. For more information about trustees, go to the U.S. Trustee web site.
