What is an appointed trustee in a bankruptcy?

What is an appointed trustee in a bankruptcy?

A trustee is appointed to collect payments, monitor activity in the case and to report to the court on how well a debtor is meeting its obligations. If a debtor is not meeting obligations, the trustee can ask the court to dismiss the bankruptcy case.

Which of the following is not an expected function of a bankruptcy trustee?

What is not an expected function of a bankruptcy trustee? Filing a plan of reorganization.

Can I skip a chapter 13 payment?

If you miss payments, a Chapter 13 trustee can file a “Motion to Dismiss for Material Default.” If this motion is granted, your case would be dismissed. If your case is dismissed, you will not get a discharge. So if you can catch up on that missed payment before your next payment is due, you should ordinarily be ok.

Who is the trustee for a Chapter 7 bankruptcy?

When you file for bankruptcy, a Trustee will be assigned to your case. Your Trustee will be at any formal hearings you must attend for your bankruptcy. With a Chapter 7 case, this is the 341 Meeting of Creditors. With Chapter 13, there is the 341 Meeting of Creditors plus the Confirmation Hearing to approve your bankruptcy repayment plan.

How long does it take for a bankruptcy trustee to complete an audit?

The audit will be finished between two weeks and 30 days after the final payment. If there’s any money left over from your last payments, you get a refund. The trustee files her audit report with the clerk of the bankruptcy court. Within 10 to 15 days, if there are no problems, the clerk drafts a discharge order.

What to do if a bankruptcy trustee asks you a question?

If you are unsure what a question means, you can consult your bankruptcy attorney during the Meeting of Creditors. Your attorney will be there with you while the Trustee asks you questions about the case.

What happens at the meeting of creditors in bankruptcy?

The meeting of creditors is where the bankruptcy trustee and any interested creditors can ask you questions about your bankruptcy papers and financial affairs while you are under oath. The trustee’s job is to make sure that you are not abusing the bankruptcy system or lying on your bankruptcy petition.

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