What’s the Role of Chapter 7 Bankruptcy Trustee?

When you file for Chapter 7 bankruptcy, the court assigns a bankruptcy trustee to your case. The Chapter 7 bankruptcy trustee comes from a pool of neutral bankruptcy trustees. The bankruptcy trustee handles your bankruptcy case from the beginning until discharge — which is typically three to four months after filing. Some of the specific roles the trustee undertakes include. Greenbelt, MD information can be seen at this link.

Reviews Your Bankruptcy Petition and Other Documents

The bankruptcy trustee reviews your bankruptcy documents to ensure that you are honest with the court and no signs of fraud or abuse. The trustee might ask you for more information if he or she has questions about your financial situation. The trustee also checks your financial information to see if it is accurate and consistent across the board. Discover facts about Factors to Consider When Hiring a Chapter 7 Bankruptcy Attorney in Greenbelt.

Handles the Meeting of Creditors

The bankruptcy trustee also runs the creditors’ meeting in your case, which occurs four to six weeks after your filing. While the creditors may choose to ignore this meeting, you, on the other hand, must attend. At the creditors’ meeting, the bankruptcy trustee will ask you questions after taking an oath.

Sells Your Nonexempt Assets

In Chapter 7 bankruptcy, the bankruptcy trustee is in charge of selling your nonexempt assets to repay your unsecured creditors. Nonexempt assets are those assets that are not protected by exemption laws.

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