Bankruptcy is a legal process to ensure the satisfaction of debt and the ability of entities to continue their livelihood. There are four main sides to any bankruptcy case: debtor(s), creditor(s), trustee, and the court. Each side adds an equivalent part to bring on a whole speedy process to the case.  Click on the informative Understanding Bankruptcy graph below for an explanation of terms.

CREDITOR:
Definition
Garnishment
Liens
Mortgages
DEBTOR:
Definition
Rights and Duties
Protection
TRUSTEE:
Definition
Bankruptcy Trustee
Qualifications
Duties
THE COURT:
Definition
Official Forms
Bankruptcy Types

Trustee Duties

 

Functions, actions, and/or specifics are to be done as part of defined role for both consideration or without consideration.

According to the USTP, trustee's duties include the followings


  • Appointing and supervising private trustees who administer Chapter 7, 12, and 13 bankruptcy estates (and serving as trustees in such cases where private trustees are unable or unwilling to serve);
  • Taking legal action to enforce the requirements of the Bankruptcy Code and to prevent fraud and abuse;
  • Referring matters for investigation and criminal prosecution when appropriate;
  • Ensuring that bankruptcy estates are administered promptly and efficiently, and that professional fees are reasonable;
  • Appointing and convening creditors' committees in Chapter 11 business reorganization cases;
  • Reviewing disclosure statements and applications for the retention of professionals; and
  • Advocating matters relating to the Bankruptcy Code and rules of procedure in court.
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Government Bankruptcy Resources


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What Documents Do I Need To File For Bankruptcy?


We want your bankruptcy to go as smoothly as possible. See what documents you should have prepared.  Read more