Bankruptcy Trustee
If you have filed for bankruptcy or you have done research inquiring about bankruptcy, you probably have some idea about what a trustee is and what his duties and his role in your bankruptcy. If not, this post will give you a brief explanation. A trustee will administer the affairs of an individual who has filed bankruptcy. A trustee will act on behalf of a debtor. The goal of a trustee is to ensure a smooth bankruptcy and to make sure both the creditor’s and the debtor’s rights and interests are protected.
A chapter 13 trustee will conduct the 341 meeting of creditors. The trustee will review the debtor’s petition and chapter 13 plan and will distribute the monthly payments made by the debtor according to the plan.
A chapter 7 trustee will liquidate all the debtor’s non exempt property and distribute the proceeds according to the federal bankruptcy code. The trustee will examine the debtor’s petition and look for any inaccurate information, possible fraud, or misrepresentation by the debtor.
A trustee is neither a friend or enemy of a debtor or creditor. The trustee is to see the efficient conclusion of a bankruptcy.
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