Jun. 12, 2021
What are Bankruptcy Trustees?
If you were to file for bankruptcy you would need a trustee. This is defined as a DOJ officer that represents your side of a bankruptcy case in court. At the Law Office of Mercedes O. Chut P.A, we are the bankruptcy attorney in 27407 to turn to.
Everything that your trustee does in the courtroom has to have been approved first, They are there to advocate for you, but the judge is always the voice of authority in bankruptcy cases.
The responsibilities of a trustee varies from case to case. The type of bankruptcy you file for dictates what their responsibilities will be. When it comes to Chapter 7 bankruptcy, assets have to be sold off to recoup the losses. In this case, a trustee would be tasked with managing not only the sales process, but also the distribution of the funds to the proper creditors. The trustee could also be tasked with managing your payments to debtors over the course of a three to five-year period.
When it comes to Chapter 13 bankruptcy, private trustees become involved in the process. However, they are always supervised by the trustee assigned to your bankruptcy case. The trustee is responsible for evaluating your finances and advising the court on how you can best pay off your debts.
The supervising trustee monitors your case to make sure proper audits are conducted. They also monitor any trust fund accounts you may have, and study documents relevant to the case, including your bank account statements and budget reports.
Your bankruptcy attorney Greensboro can help you through the process of filing. There are many bankruptcy lawyers in Greensboro NC that can address any questions or concerns you have about your claim.
Schedule a consultation as soon as you think you’re going to have to file for bankruptcy. The process won’t feel as intimidating when you have someone to walk you through it and prepare you for court.