Bankruptcy trustee
Bankruptcy Trustee
A bankruptcy trustee is a person appointed by the United States Trustee, a government official within the United States Department of Justice, or by the creditors involved in a bankruptcy case.
Role and Responsibilities[edit | edit source]
The primary role of a bankruptcy trustee is to represent the interests of the creditors in a bankruptcy case. The trustee is responsible for managing the property of the debtor, investigating the debtor's financial affairs, and making distributions to creditors.
The trustee's responsibilities include reviewing the debtor's petition and schedules, liquidating the property of the estate where applicable, making objections to exemptions as they see fit, examining and objectifying about the debtor's right to a discharge, and sending required notices to the debtor and creditors.
Types of Bankruptcy Trustees[edit | edit source]
There are two types of bankruptcy trustees: a panel trustee and a standing trustee. A panel trustee is appointed in Chapter 7 cases, while a standing trustee is appointed in Chapter 13 and Chapter 12 cases.
Appointment and Compensation[edit | edit source]
Bankruptcy trustees are appointed by the United States Trustee, and their compensation is determined by the Bankruptcy Code. In Chapter 7 cases, the trustee is paid a base fee plus a percentage of the assets distributed to creditors. In Chapter 13 and Chapter 12 cases, the trustee is paid a percentage of the payments made by the debtor under the plan.
See Also[edit | edit source]
- Bankruptcy in the United States
- Chapter 7 Bankruptcy
- Chapter 13 Bankruptcy
- Chapter 12 Bankruptcy
- United States Trustee Program
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