Who is the Bankruptcy Trustee?
When you file for bankruptcy, your case and your debts can come under the control of the court in the person of the bankruptcy trustee, whose job it is to ensure that bankruptcy laws are obeyed and that your unsecured debts are paid off as much as possible. However, the trustee's legal powers go beyond these simple administrative duties, as this person assumes legal control of your property and your debts as of the date you file for bankruptcy states Ogden Bankruptcy Attorney. To take an action without the consent of the trustee is to risk having your case dismissed.
Shortly after you file your bankruptcy papers, you will receive a notice informing you of the name, business address, and business telephone number …show more content…
However, this role changes, depending upon the different types of cases and the judgment given by the bankruptcy court. These legal professionals are usually the representatives of the creditors, but depending upon case to case, it is also their duty to keep a watch on the debtor's action. For example, if it is a chapter-7 case, their duty is to make sure that all the assets and properties of the debaters have been liquidated as per the laws. At the same time, they also work in favor of the debtors, by making sure that they get the properties exceptions as per the specific laws of that particular state regarding the same say Ogden Bankruptcy Attorney.
On the other hand, if it is a chapter-13 case, the bankruptcy trustee keeps a watch on the debtor's business activity. In some cases, they even work hand in hand with the debtor in order to ensure smooth and profitable running of the business of the debtor. At the same time, they also keep a watch whether the debtor is religiously working on the repayment plan suggested by the court or not.
How does the Trustee Work?
There are several ways a bankruptcy trustee carries out its work. However, whatever way they follow, their main objective is always to protect the interest of the creditors. For example, the trustee can distribute the funds to appropriate creditors, object to discharge, or certain exemptions a debtor may claim, collect property of the estate, liquidate nonexempt property in the estate,
When you file for bankruptcy, your case and your debts can come under the control of the court in the person of the bankruptcy trustee, whose job it is to ensure that bankruptcy laws are obeyed and that your unsecured debts are paid off as much as possible. However, the trustee's legal powers go beyond these simple administrative duties, as this person assumes legal control of your property and your debts as of the date you file for bankruptcy states Ogden Bankruptcy Attorney. To take an action without the consent of the trustee is to risk having your case dismissed.
Shortly after you file your bankruptcy papers, you will receive a notice informing you of the name, business address, and business telephone number …show more content…
However, this role changes, depending upon the different types of cases and the judgment given by the bankruptcy court. These legal professionals are usually the representatives of the creditors, but depending upon case to case, it is also their duty to keep a watch on the debtor's action. For example, if it is a chapter-7 case, their duty is to make sure that all the assets and properties of the debaters have been liquidated as per the laws. At the same time, they also work in favor of the debtors, by making sure that they get the properties exceptions as per the specific laws of that particular state regarding the same say Ogden Bankruptcy Attorney.
On the other hand, if it is a chapter-13 case, the bankruptcy trustee keeps a watch on the debtor's business activity. In some cases, they even work hand in hand with the debtor in order to ensure smooth and profitable running of the business of the debtor. At the same time, they also keep a watch whether the debtor is religiously working on the repayment plan suggested by the court or not.
How does the Trustee Work?
There are several ways a bankruptcy trustee carries out its work. However, whatever way they follow, their main objective is always to protect the interest of the creditors. For example, the trustee can distribute the funds to appropriate creditors, object to discharge, or certain exemptions a debtor may claim, collect property of the estate, liquidate nonexempt property in the estate,