When you decide to file bankruptcy, you will have a trustee assigned to your case. The trustee takes on a number of important tasks and administers your case. Their goal is to assess your circumstances, ensure that you are not hiding property, manage the property in the bankruptcy case, and manage payments.
Who Is the Trustee?
Trustees are appointed by the courts. Trustees are typically accountants or lawyers.
Trustees in Chapter 7 Bankruptcies
In a Chapter 7 bankruptcy, the ultimate goal is a discharge of all qualifying debts. The trustee is expected to be impartial throughout the process. They receive a small fee for their services, as well as a percentage of any property sold. This serves as extra motivation to find property that people who file bankruptcy may try to hide.
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