As a debtor who is considering bankruptcy, you may be interested in finding out more about the bankruptcy trustee and what role he or she will play in the administration of your case. In most Chapter 7 and Chapter 13 bankruptcy proceedings,
the U.S. Trustee will appoint an impartial party to act as a local bankruptcy trustee and the administrator of your case. Bankruptcy trustees are assigned the responsibility of reviewing petitions from those seeking bankruptcy protections, spotting any instances of fraud or red flags which may require further investigation and doing what they can to maximize the payout unsecured creditors will be able to receive through any given bankruptcy.
What will the trustee do?
In Chapter 7 bankruptcies the bankruptcy trustee will also be the one who will conduct your hearing, also known as a meeting of creditors, to verify your statements under oath and give creditors a chance to question or challenge your motives. The trustee will also be responsible for liquidating your nonexempt assets so as to get your creditors paid. In cases where funds were misallocated to family members or other preferential creditors prior to the bankruptcy filing, it is the trustee who will undo the transactions so as to recover those funds.
In Chapter 13 bankruptcies the bankruptcy trustee will be the one who reviews your repayment plan, approves or denies it, and then administers your plan over the next 3-5 years. All payments will go through the bankruptcy trustee to the intended creditor. Creditors will have to submit claims to the bankruptcy trustee before funds will be released.
Contact Our Firm Right Away
With all of the responsibilities a bankruptcy trustee holds, and with the impact your trustee can have on the outcome of your bankruptcy case, it is important you do not put yourself in any type of unfavorable position. Our firm has years of bankruptcy experience and our founding lawyer, Attorney Alan J. Fisher, has achieved countless positive bankruptcy case results. We are well aware of what bankruptcy trustees expect and require from individual seeking bankruptcy protection.
A Boca Raton bankruptcy lawyer from our firm will stand by you at every step of the way from preparing documentation, to filing your petition, to preparing you for the meeting of creditors and more. Our goal is to help you eliminate your debt so that you are once again able to retain control of your finances and move on with your life. Call our firm today and speak to
Attorney Alan J. Fisher now to get the process started.