There are a number of parties when you decide to file for bankruptcy. There’s you, the debtor. Your attorney, if you choose to hire one, who represents you. There are your creditors, companies or individuals you owe money to. And, there’s a trustee. A trustee is an individual who reviews and investigates your bankruptcy petition and schedules. They are supervised by the courts and the United States Trustee Program, which is a part of the Department of Justice.
A trustee is responsible to ensure your bankruptcy petition and schedules aren’t fraudulent and that if there are any assets available, to liquidate those assets and pay back your creditors. This is especially the case if you decide to file a chapter 7 bankruptcy.
In a chapter 13 bankruptcy, a trustee is responsible for overseeing your repayment plan. This includes ensuring your income and expenses are reasonable, collecting your repayment amounts every month, and distributing the repayment to your creditors.
If you decide to hire an attorney, then you’ll have very few interactions with a trustee. The exception being your meeting of creditors. At this meeting, the trustee will swear you in and verify the information you put down in your petition and schedules.
If there are any issues after your meeting of creditors, then it will be your attorney’s job to help assist you and your trustee so that you can obtain your discharge order. This may include negotiating or assisting with the handling of non-exempt assets.
Overall, the job of a trustee is important, but it may be more important to have an attorney who is experienced working with a trustee, so that your experience filing a bankruptcy is positive.
CALL NOW FOR A FREE STRATEGY SESSION FROM A MN BANKRUPTCY LAWYER AT LIFEBACK LAW FIRM
So, if you’re thinking of filing for bankruptcy, and or if you have questions or are ready to get your life back, reach out to Minnesota’s nicest bankruptcy law firm by going to www.lifebacklaw.com. You won’t regret it!
