Home Feedback Contents Search

Role of the Trustee Step- by-Step

Useful Links

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                             

Role of the Trustee 

The United States trustee is required to establish, maintain, and supervise a panel of private trustees eligible to serve as trustees under chapter 7. A trustee in chapter 7 cases is a private individual appointed by the United States Trustee. Any individual who is competent to perform the duties of a trustee and reside or have an office in the judicial or adjacent judicial district is eligible to be appointed as a trustee. 

To avoid delay in administration of the case, an interim trustee is appointed by the court from the panel of private trustees promptly after filing of the petition and entry of the order for relief. The interim trustee will become permanent trustee if no objection is made prior to or at the 341(a) Meeting of Creditors. 

The trustee has the responsibility to administer the bankruptcy estate, which consists of all of the debtor’s non-exempt property as of the date of filing. General duties of the trustee include the following: 

Collecting and reducing to money the property of the estate and closing the estate as expeditiously as possible;
Accounting for all property received;
Investigating the financial affair of debtors;
If property is available for distribution, examining proofs of claim and objecting to the allowance of an improper claim;
If advisable, opposing the debtor’s discharge;
Furnishing requested information concerning the estate in its administration to parties in interest;
If the debtor’s business is authorized to be operated, providing the court and appropriate governmental agencies with tax returns, operating statements, and such other information as the court requires; and
Filing a final report and account with the court and with the United States Trustee.

Debtors are required to fully cooperate with the trustee in identifying, collecting and selling of the debtor’s non-exempt assets.

 

 
Send mail to info@debts-relief.com with questions or comments about this web site.
Last modified: December 06, 2000