Submitted by Anonymous on Sun, 09/06/2009 - 08:01
Posted in
Just starting this process and I have not been to court yet, but I'm curious about what the bankruptcy trustee will do? Is he there to help me or does he just work for the debtors? Thanks in advance.
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Editor's Response
No, you should definitely not think of the bankruptcy trustee as someone who is "in your corner." I would describe the trustee as more of neutral party (hopefully) who guides the bankruptcy process while doing his best (within the law) to make sure the creditors recover as much money as possible.
The trustee will run the meeting of creditors (section 341 meeting). In a chapter 7 bankruptcy, the trustee will collect and liquidate non-exempt property and distribute the proceeds to your creditors. In a chapter 13 bankruptcy, the trustee will collect your monthly payments (spelled out in the repayment play) and distribute the money among your creditors.
However, in some situations, the trustee does assist the debtor. For example, the trustee may take action against creditors who harass the debtor after the automatic stay is in place. The trustee is also responsible for ensuring that all professional fees charged to the debtor are reasonable. Hope that helps.