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Trustee


Trustee

(See Bankruptcy Trustee) Individual trustees (who are appointed by the United States Trustee) are assigned to Chapter 7 Bankruptcies and assist with the liquidating of the debtor's non-exempt assets. The trustee is considered a representative of the creditor's interests, and after the assets are converted to cash, the trustee manages the distribution of the monies to repay creditors. Creditors are paid according to the order outlined in the United States Bankruptcy Code. Chapter 7 trustees generally serve a one year appointment period. Trustees for Chapter 11 and Chapter 13 Bankruptcies are also a non-government employee (exceptions exist for some Chapter 11 bankruptcies) and function in a similar capacity as Chapter 7 trustees. They are also under the supervision of the United States Trustee.

The Chapter 11 and Chapter 13 Bankruptcy trustee will organize the creditors' meeting, review the bankruptcy schedules and manage the reorganization process to ensure all creditors are paid according to the conditions outlined in the debtor's Chapter 11 or Chapter 13 Bankruptcy reorganization plan. The trustee is also responsible for attending all bankruptcy hearings for property valuation. Additionally, the Chapter 11 Bankruptcy trustee must also organize a committee that is responsible for identifying any types of behavior that is fraudulent or illegal.


More Help on Trustee

  • Bankruptcy Trustee - A bankruptcy trustee is not an employee of the United States (U.S.) federal government but is appointed by the U.S. Trustee, who is an employee of the Department of Justice. - read more

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