The first step for anyone pursuing bankruptcy is to determine their eligibility through a means test. If bankruptcy is suggested, it will be time to file an official petition to declare bankruptcy. After this, a bankruptcy trustee will be appointed to the case. A trustee is assigned in several chapters of bankruptcy in order to move an individual through the bankruptcy process.
The Chapter 7 Bankruptcy Trustee
The bankruptcy trustee has several responsibilities during a Chapter 7 filing. The trustee is responsible for doing the following:
- Selling non-exempt property
- Distributing liquidation assets among creditors
- Recognizing fraud or other unlawful behavior
If you are filing for Chapter 7, it is important to keep lines of communication open between yourself, your attorney, and the court ordered bankruptcy trustee.
The Chapter 11 and 13 Bankruptcy Trustee
Chapter 11 and 13 bankruptcies require an individual or business to continue making payments on their debts. The filing debtor in Chapter 11 assumes the trustee position and therefore is in charge of ensuring that payments are being made on time. The trustee in Chapter 13 is court appointed and is responsible for planning the distribution of payments among creditors and lenders.
The Milwaukee bankruptcy attorneys at the DeLadurantey Law Office, LLC, have years of experience helping their clients file for and recover from bankruptcy. Contact us today at 414-377-0518 for a free consultation.