Contact a Phoenix bankruptcy attorney today for more help.
Phoenix Bankruptcy Attorney: What is a Bankruptcy Trustee’s Job?
Bankruptcy trustees play an important role in the bankruptcy process. Though an Arizona bankruptcy attorney is vital to the success of a bankruptcy filed in Phoenix, the trustee also matters a great deal. So, contact us today for more information.
Supervision of the Bankruptcy Process
The Chapter 7 trustee is a person appointed by the United States Trustee to examine the debtor, collect the debtor’s nonexempt property and pay creditor claims out of non-exempt property (if there is any).
The trustee oversees the administration of the case and sees that the debtor performs the required duties. The trustee receives compensation based on distribution to creditors.
Your property is under the bankruptcy court’s protection after you file for bankruptcy. The trustee is tasked with managing this property, known as the bankruptcy estate. Though the estate remains in your possession until the trustee establishes a course of action, the trustee is responsible for its protection. For example, if another party trashes your property, the trustee is responsible for pursuing financial damages.
The Issue of Creditor Claims
The trustee also reviews creditor claims. Creditors must provide proof that you owe them a specific amount of money. If the trustee finds objectionable claims, he can demand additional evidence to prove the debt’s legitimacy. The bankruptcy court judge then decides if the claims are legitimate.
Meeting of Creditors
The trustee is responsible for holding the meeting of creditors. This brief hearing that requires you, the debtor, to answer questions pertaining to your property ownership and finances while under oath.
The Trustee’s Role in Regard to the Payment Plan
The Chapter 13 trustee is responsible for reviewing payment plans and acting as the intermediary between you and your creditors. Payments can be as little as $100 per month depending on the amount of debt owed. The specific cost hinges on your unique circumstances. The Chapter 13 trustee ensures the debtor Plan complies with the Bankruptcy Code and oversees the Plan distributions.
Our Phoenix Bankruptcy Attorney is Here to Help
The affordable Phoenix bankruptcy attorneys at Lerner and Rowe Law Group are skilled at protecting homes, vehicles, retirement savings and other personal belongings.
If you are considering bankruptcy or have already decided to declare bankruptcy, the process will be less stressful with the assistance of a skilled Phoenix bankruptcy attorney. At Lerner and Rowe Law Group, our legal team will facilitate your bankruptcy to make it as quick and easy as possible. Questions regarding bankruptcy trustees, asset protection, investments or any aspect of the bankruptcy process? We will provide you with strategic solutions.
Call us today! We offer free consultation to those seeking debt relief assistance in Phoenix, AZ and surrounding areas including Scottsdale, Mesa, Gilbert and also Chandler. You can reach us by calling 602-667-7777. You can also contact us through our website’s convenient LiveChat feature. So, don’t wait!