A Chapter 7 bankruptcy trustee is entrusted with overseeing and administering a Chapter 7 bankruptcy case once a debtor files for Chapter 7 bankruptcy. The main roles of a bankruptcy trustee include:
The bankruptcy petition and related schedules include financial information such as any current debts, property owned, and earned income. The bankruptcy trustee will review these schedules and the bankruptcy petition to ensure accuracy to independently verify that the amounts provided are true.
They may substantiate income and debts by reviewing your pay stubs, tax returns, and credit reports.
As part of the Chapter 7 bankruptcy process, the 341 meeting of creditors must be held approximately one month after the petition is filed.
During this meeting, the creditors are allowed to question the debtor with the bankruptcy trustee present. However, creditors rarely attend these meetings, unless there is a specific reason to.
Regardless, the bankruptcy trustee uses this meeting to question the debtor regarding the information contained in the petition while the debtor is under oath.
During a Chapter 7 bankruptcy, the trustee will work with you to determine your exempt and non-exempt property. Exempt property is allowed to be kept by the debtor and may include furnishings, clothing, and a retirement account.
Non-exempt property is a property that is valued above an amount set by state laws. Any non-exempt property will likely be sold to repay creditors.
At Shrader Law, our bankruptcy trustee representation attorneys are ready to assist you in ensuring that your duties as a bankruptcy trustee are accurately handled. Schedule your free consultation with our team by calling 1-813-360-1529 today!
Posted in Bankruptcy
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