The bankruptcy estate is the principal responsibility of the bankruptcy trustee. This is the property and associated property rights of the genuine bankruptcy petitioner. They are responsible for converting all non-exempt assets into cash. Essentially, the trustee collects and accounts for all of the filers' available assets in order to resolve the debtor's debts with creditors in a fair manner.
Before selling any of the filer's property, the Trustee in Bankruptcy must provide advance notice to the filer. This will give the filer the opportunity to object to the property's sale. Typically, the property is sold through private transactions or public auctions. At this time, the trustee must retain all sale proceeds until it has been determined how these funds should be distributed equitably.
There are two distinct types of bankruptcy cases that a person may submit. These are Chapter 7 and Chapter 13 filings for bankruptcy.
Chapter 7 bankruptcies typically involve no assets. This indicates that the debtor has no assets that can be sold to pay off their debts. In this type of bankruptcy, the Trustee in Bankruptcy meets with the debtor's creditors, investigates the debtor's assets, and ensures the correct procedures are followed. Finally, the trustee notifies the court that the debtor has no assets, at which point the case is dismissed.
Sometimes, Chapter 13 bankruptcies are viewed as a repayment plan. In such situations, the Trustee in Bankruptcy will appear at the hearing, advise the debtor on how to reorganize their debts, assist the debtor in following the repayment plan, and assist the debtor in obtaining a fresh start.
Unfortunately, the need to file for bankruptcy is a growing problem for many Americans, and it is crucial to understand the function of the Trustee in Bankruptcy if you find yourself in this position. The trustee's duty is to protect the creditor's interests, not those of the debtor.""
" - https://www.affordablecebu.com/
