The bankruptcy trustee is the person who administers the chapter 7 case. His job is to:
- Reviews the debtor’s claims of exemption.
- Determines whether there are any assets to liquidate and distribute to creditors.
- Assess if the debtor is entitled to a bankruptcy discharge.
The trustee is appointed by the Department of Justice. As such, he is not a government employee.
The trustee can object to a debtor’s exemptions or object a debtor’s discharge. However, it is the bankruptcy judge who had the authority to decide those disputed matters.
You will meet the trustee when you go to the Meeting of Creditors (Section 341 Meeting) as the trustee presides over this meeting. The trustee will ask certain required questions of the debtor. Because the trustee has thoroughly reviewed your 60 to 70-plus pages of filed petition he may have other questions to ask you.
All questioning at the meeting of creditors is under oath.
The trustee is paid $60 per case to review and oversee your case. This $60 comes from the bankruptcy filing fee. Any other compensation received by the trustee is received from liquidating non-exempt assets of the debtor’s bankruptcy estate. The trustee will sell these non-exempt assets and the funds are divided on a pro rata basis to the creditors.
The trustee’s income is largely made up of his percentage received from liquidating the non-exempt assets of a debtor. Therefore, you can be sure he will go over your bankruptcy petition documents with a fine-tooth comb.
It is important that you fully cooperate with the Chapter 7 trustee. Failure to cooperate with the Bankruptcy trustee could result in your case being dismissed or your bankruptcy discharge being denied.
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