Most people know that every bankruptcy case involves a debtor and their creditors. Then there’s your lawyer and the judge overseeing the proceedings. However, not many people know about the bankruptcy trustee and the role he or she plays in the bankruptcy case.
As a matter of fact, the court-appointed trustee for your Chapter 7 bankruptcy case may have more bearing on the outcome than any other of the factors at play. The trustee’s roles include:
• Ensuring your creditors get paid as much of what is owed to them as possible
• Determining which of your assets are exempt from liquidation
• Making sure the debtor’s and creditor’s claims are valid and accurate
• Overseeing the creditors’ meetings and make unbiased decisions
The Chapter 7 Bankruptcy Trustee and You
Always keep in mind that the trustee is appointed by the court but is there to serve both you and your creditors in a fair and unbiased manner. The trustee holds quite a bit of power and should be treated with honor and respect. If you or your lawyer attempt to lie or deceive the trustee as it pertains to the facts of your case in any way then you could risk having your bankruptcy case thrown out altogether which could be crippling to your situation.
Talk to a licensed bankruptcy attorney today about the role of the trustee in your Chapter 7 bankruptcy and how to handle it. The trustee is just one aspect of your bankruptcy case that you should be familiar with before going in so be sure to ask your attorney plenty of questions regarding the bankruptcy process as a whole. That way you can give yourself the best possible shot at getting out of bankruptcy as unscathed as possible.
