What is a Bankruptcy Trustee?
If you are thinking about filing bankruptcy, then you might have a lot of questions about the bankruptcy process and everything that is involved in it. Working with a team of bankruptcy attorneys in Brooklyn can help you get answers to all of your questions. In the meantime, you can learn a little more about certain terms by doing your research online. For example, this simple guide can help you learn a little more about bankruptcy trustees.
What is a Bankruptcy Trustee?
Put simply, a bankruptcy trustee is someone who works for the federal government and who is appointed to represent the debtor’s estate. A bankruptcy trustee is under the jurisdiction and guidance of the federal government.
These professionals are typically quite knowledgeable about bankruptcy law. They review various documents related to a person’s bankruptcy case, conduct meetings and hearings, administer the bankruptcy estate, and help ensure that no fraud is committed and that no laws are broken during the bankruptcy proceedings.
Bankruptcy trustees help with the different types of bankruptcy filings that an individual or business can file. Their responsibilities and jobs vary based on the type of bankruptcy, although some of the jobs that they do are the same. Typically, a bankruptcy trustee will handle multiple bankruptcy cases in their district. Therefore, you will not be the only one who the bankruptcy trustee will be working with, and when you go to bankruptcy hearings, you might find that others who have filed bankruptcy will be present as well.
Do You Still Need a Lawyer When There is a Bankruptcy Trustee?
Although you might be able to get answers to simple questions when talking to your bankruptcy trustee, you should not rely on this individual for legal advice. Instead, you should look into bankruptcy lawyers in Brooklyn who will work for you and represent you while you’re going through bankruptcy. Once you hire a bankruptcy law firm Brooklyn, there is a good chance that you will have limited dealings with your bankruptcy trustee anyway, since your attorney will probably handle most things for you.
What Does a Bankruptcy Trustee Do in a Chapter 7 Bankruptcy?
When assisting with the handling of a Chapter 7 bankruptcy, a bankruptcy trustee will oversee the liquidation of a debtor’s assets. Then, they will work to distribute the proceeds from this liquidation among a debtor’s creditors.
A Brooklyn bankruptcy law firm can assist you with determining whether or not Chapter 7 bankruptcy is right for you. Then, they can tell you a little more about how they can help you with filing Chapter 7 bankruptcy, and they can tell you about the steps that a bankruptcy trustee might take when handling your case.
What Does a Bankruptcy Trustee Do in a Chapter 13 Bankruptcy?
When handling a Chapter 13 bankruptcy, a bankruptcy trustee will look over a debtor’s repayment plan to help ensure that the plan fits the law and seems to be fair and reasonable. They will then help with dividing up the payments from the plan among the creditors that are owed.
Chapter 13 bankruptcy can be a good option if you would like to keep some of your assets and if you have enough of an income to make regular monthly payments toward your debts. One of the lawyers from Ursulova Law Offices can talk to you about Chapter 13 bankruptcy and can help you determine if it’s your best choice for getting your finances in order.
If you have more questions about what bankruptcy trustees are, what they do, and how they will impact you and your bankruptcy case, then you should schedule an appointment with a Brooklyn bankruptcy lawyer soon. Your Brooklyn bankruptcy attorney should be able to provide answers to your questions and help you with every step of filing bankruptcy.