Role Of A Bankruptcy Trustee
Personal Bankruptcy And The Trustee
Our lawyers have been representing people with serious financial challenges in California for several decades. We have represented thousands of individuals and businesses through the bankruptcy process, and we can clearly explain what to expect if you are considering personal bankruptcy. We have strong relationships with bankruptcy trustees, and we are highly respected for being well-prepared, detail-oriented, thorough and professional. These attributes help us make the bankruptcy process as smooth as possible for our clients. In this way, our clients can avoid litigation and save considerable time and money. Our familiarity with the role of the trustee and their responsibilities allows us to provide them with information and documentation in a timely manner and allows us to anticipate their actions throughout the bankruptcy process.
What Does A Bankruptcy Trustee Do?
Chapter 7, Chapter 11 and Chapter 13 bankruptcy trustees are appointed by the United States Trustee, an officer of the U.S. Department of Justice.
Primarily, a bankruptcy trustee acts as a representative of the creditors. The trustees are held accountable with making sure the process is run smoothly, from approval of the bankruptcy plan to the creditors’ meeting. The specific responsibilities of the trustee vary depending on which kind of bankruptcy is filed. Generally, however, the trustee may:
- Collect the debtor’s assets or property
- Liquidate nonexempt property
- Approve repayment plans
- Approve lien stripping or loan cram-downs
- Raise objection to the discharge of debt or exemptions claimed by the debtor
- Distribute proceeds of the estate to creditors, according to the creditors’ priority
Because we have such strong relationships with bankruptcy trustees, we know what to expect when working with them and how to provide them with the information they need to perform their responsibilities. This often makes the bankruptcy process as efficacious as possible.
We are committed to maintaining our well-deserved reputation for preparedness and professionalism throughout the bankruptcy process. Our goal is to ensure this reputation by providing excellent representation to our clients now and in the future.