The Roles And Responsibilities Of A Bankruptcy Trustee In A Chapter 7 Case
Posted on: 22 March 2019
If you are thinking about filing for Chapter 7 bankruptcy and have already met with a lawyer about it, you should fully evaluate the pros and cons bankruptcy offers before going through with it. You should also find out the answers to any questions you may have about the process, and you might also want to learn more about the roles and responsibilities of the bankruptcy trustee who will be assigned to your case.
What is a bankruptcy trustee?
A bankruptcy trustee is a person who works for the bankruptcy courts and is responsible for working through bankruptcy cases. This person is appointed by the court, but he or she is actually a person who represents creditors in cases. In Chapter 7 cases, a person will ask for a discharge of debts, due to the inability to repay their debts, and the trustee is responsible for making sure the person meets all the requirements for a discharge.
What roles and responsibilities does the trustee have?
After you file your documents for Chapter 7, the court will appoint a trustee to handle your case. This trustee will be the person who handles your case from start to finish, and he or she will work with your lawyer throughout the entire case. The trustee's main responsibilities are to evaluate cases, verify accuracy, make sure the requirements are met, and pay off creditors with money raised from seizing and selling assets.
During this process, the trustee will have to examine every asset you own to see if there are any assets that could be taken from you to sell. The trustee will also evaluate your debts to make sure they qualify, and he or she will investigate any parts of your case that require further evaluation.
Will you have to work with the trustee?
While you will have to meet with the trustee at least one time, you will not actually work with him or her directly in your case. As the trustee begins working through your case, there may be times when he or she needs documents about certain things. If this happens, the trustee will contact your lawyer, and your lawyer will contact you for the documents. Your lawyer will be the middle man between you and the trustee, and it is important to do or submit anything your lawyer requests of you.
You will have a trustee assigned to handle your case if you decide to go through with filing for Chapter 7. To learn more about the process of bankruptcy, talk to a bankruptcy attorney like David M. Todaro Co., LPA today.
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