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Understanding the Role of the Bankruptcy Trustee in Your Petition for Bankruptcy in Owatonna, MN

April 10th, 2017 · No Comments

When you enter the process of filing for bankruptcy, you agree to follow the many stipulations of U.S. Bankruptcy Courts and U.S. Bankruptcy Code. These regulations play important roles in protecting you as a filer, protecting your creditors, and protecting others involved in your bankruptcy case. One such requirement involved in Chapter 13 and Chapter 7 bankruptcy cases is the appointment of a trustee to oversee the administration of the petition. Behm Law Group, Ltd. offers guidance throughout your own process of filing for bankruptcy in Owatonna, MN, and will work with your trustee to ensure optimal results.

Entering into a bankruptcy case means that you are automatically given a trustee to handle your petition. What a bankruptcy trustee actually does and who they actually are, however, may not be clear to filers.

Who are they?

In a nutshell, your bankruptcy trustee is a qualified individual the court will appoint to your bankruptcy case. Essentially, the trustee is a chaperone for your case. Your trustee is there to work through your case as a liaison between you and your attorney, your creditors, and the bankruptcy court. Bankruptcy trustees handle forms involved in virtually all kinds of cases, so they are well equipped to oversee your petition to the end.

What do they do?

The responsibility of a bankruptcy trustee is to administer your case. This includes the following:

  1. Examining your paperwork and all other information involved in your case
  2. Overseeing your confirmation hearing in a Chapter 13 case
  3. Overseeing your reaffirmation hearing in a Chapter 7 case
  4. Overseeing the meeting of the creditors
  5. Overseeing any other hearing involved (e.g. a hearing for a creditor’s motion for relief on an automatic stay)
  6. Identifying and selling all your nonexempt assets involved in a Chapter 7 case
  7. Evaluating your repayment plan in a Chapter 13 case to verify its fair treatment of you and your creditors
  8. Overseeing adversary proceedings if a lawsuit occurs during your bankruptcy process
  9. Overseeing the motion to dismiss your Chapter 13 case if you do not make repayment plan payments
  10. Ensuring legal accuracy throughout the process

Without bankruptcy trustees, the process of filing a petition and completing a case would be filled with confusion, unfair treatment of players involved, and probably a bit of foul play.

Our attorneys can also help you throughout the process of filing for bankruptcy in Owatonna, MN, with legal advice and assistance. For more information, contact us at (507) 387-7200.

Tags: Bankruptcy ·


 

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