What is the role of a bankruptcy trustee?

The representative of the bankruptcy estate who exercises statutory powers, principally for the benefit of the unsecured creditors, under the general supervision of the court and the direct supervision of the U.S. trustee or bankruptcy administrator. The trustee is a private individual or corporation appointed in all chapter 7, chapter 12, and chapter 13 cases and some chapter 11 cases. The trustee’s responsibilities include reviewing the debtor’s petition and schedules and bringing actions against creditors or the debtor to recover property of the bankruptcy estate. In chapter 7 bankruptcy, the trustee liquidates property of the estate, and makes distributions to creditors. Trustees in chapter 12 and chapter 13 bankruptcy have similar duties to a chapter 7 trustee and the additional responsibilities of overseeing the debtor’s plan, receiving payments from debtors, and disbursing plan payments to creditors.

To learn more about your bankruptcy options contact The Law offices of Jill McDonald. We have two convenient locations in Clearwater and in St. Petersburg. (727) 231-4300

Bankruptcy Information is believed reliable, but accuracy and completeness are not guaranteed. Nothing in this web site is intended as, or should be used as, a substitute for professional, financial, or legal advice.