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Role of the Bankruptcy Trustee

Role of the Bankruptcy Trustee

Your Bankruptcy Trustee

In every bankruptcy filing, an impartial trustee is assigned to the case. The trustee can have many different responsibilities in the case depending on the type of bankruptcy involved. In general terms, the role of the trustee is twofold. First, to represent the interests of the creditors and see that they recover as much of the debt owed to them as possible. Second, to see that the process runs as smoothly as possible from start to finish.

 

AZBK Lawyers we provide comprehensive debt relief solutions. We know that there is a lot of uncertainty surrounding bankruptcy and that there are a lot of questions that need to be answered along the way. Our Phoenix bankruptcy lawyer is committed to giving you all the information you need in order to make an informed decision regarding the best course of action for you.

 

The Chapter 7 and Chapter 13 Trustees

In a Chapter 7 filing, the trustee would be responsible for collecting and liquidating your nonexempt property to pay your creditors. If you have no assets that can be liquidated after allowing for exemptions, your trustee would declare it a “no asset” case. The trustee would also oversee things like creditor meetings, creditor notifications and other items.

 

In Chapter 13, there isn’t any liquidation since the debt is being repaid over time. The trustee is responsible for managing the payment plan set out in your petition. The trustee collects the payments from the debtor and disburses the money to the creditors. As in Chapter 7, the trustee would also be the main point of contact for creditors and arrange any necessary meetings associated with the case.

 

In any bankruptcy case, the trustee is also charged with the responsibility of seeing that everything about the case is done according to the rules. Your trustee is the one who would object to exempt property that you may want to claim if the trustee feels that it is outside the scope of exemption. The trustee is also the person who could seek to have your bankruptcy petition dismissed if fraud or other wrongdoing is found in the case.

 

Schedule a Free Initial Consultation

Contact our office today to set up an appointment. Attorney Wright will help you understand the bankruptcy process and let you know what we can do to help. Call (602) 648-3274 or send us an email to get started.

 

We are a debt relief agency. We help individuals and businesses file for bankruptcy relief under the Bankruptcy Code.

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