Role of Riverside Bankruptcy Trustee

On August 21, 2011, in Bankruptcy, Riverside Bankruptcy Attorney, by Benjamin Yrungaray

A bankruptcy trustee is a person in bankruptcy who is in charge of administering the estate.  Upon filing bankruptcy, all the assets of the person who filed bankruptcy become part of an estate.  The trustee is responsible to assuring that all assets have been accounted for, that available assets are liquidated, and that creditors are given the share they are entitled to under the bankruptcy code.  The trustee is not given the power to grant or deny a bankruptcy discharge.  However, the trustee’s opinion is given significant weight in the process and it is important to cooperate with their requests.  A Chapter 7 bankruptcy trustee is primarily responsible for accounting for and distributing and assets that can be liquidated.  A Chapter 13 trustee has an ongoing responsibility to collect monthly payments made by debtors.  These monthly payments are then distributed according to the bankruptcy plan.  It is important to note that the trustee is not the bankruptcy judge and will not make decisions about whether you are entitled to a discharge.

 

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