Chicago Bankruptcy Attorneys Are Here to Help You
Chapter 7, Chapter 12, and
Chapter 13 bankruptcy cases is filed, the court will appoint a trustee to oversee
and administer all processes. Either a private individual or a corporation
can be chosen to serve as trustee. As the representative of the
bankruptcy estate, the trustee exercises statutory powers, mainly for the benefit
of unsecured creditors, under the explicit supervision of the court and
the U.S. trustee or bankruptcy administrator.
If you are filing for bankruptcy and need help understanding the role of
your trustee, we have can help.
Contact Smith Ortiz, P.C. today.
The Benefits of Working with Our Firm
When decide to retain one of our bankruptcy lawyers to assist you, you
will get the benefit of our ability to fully analyze cases with your total
financial picture in mind. We make it our priority to provide the highest
quality and most comprehensive service possible by tailoring our strategies
to your particular situation.
Clients come to Smith Ortiz, P.C. because we have:
The Trustee's Role in Your Bankruptcy Filing
Trustees are responsible for several aspects of the bankruptcy process.
They review the debtor's petition and, when necessary, bring actions
against creditors or the debtor to recover property that belongs to the
bankruptcy estate. It is the trustee's responsibility in a Chapter
7 to liquidate the property belonging to the estate and distribute the
proceeds to the debtor's creditors.
Chapter 12 and Chapter 13 trustees have duties similar to those of the
trustee in a Chapter 7. They are also responsible for overseeing the debtor's
payment plan, though. The trustee receives payments from the debtor and
distributes those payments to the creditors. The idea behind this role
is that it provides a middleman between you and your creditors, possibly
eliminating opportunities for deceit from either side.
Get the Support You are Looking for Today
If you are going through bankruptcy and have questions about your appointed
trustee's role, you cannot let them go unanswered. The financial stability
of you and your family could depend on you understanding the duties of
your trustee and how you must interact with them. Additionally, if you
are a bankruptcy trustee and need help, you need to take action today
to ensure your responsibilities do not fall at the wayside. Let a professional
step in and guide you through the entire process.
Contact the Chicago bankruptcy lawyers from Smith Ortiz, P.C. today.