What Does the Bankruptcy Trustee Do?

Role of the Bankruptcy Trustee

Bankruptcy Law Firm in Illinois

In every legal action there are a number of professionals who play a unique role. In bankruptcy, one of those professionals is the bankruptcy trustee. If you are filing for bankruptcy, it would be wise to thoroughly understand all of the key players involved in your court hearing. Our lawyers can help you understand the key individuals, what they do and the legal process.

We are Sulaiman Law Group, LTD, and our attorneys have the experience that you need to guide you through a bankruptcy action. Not only do we provide our clients with the kind of legal services that are necessary for analyzing their options, we also provide personalized service, where we educate our clients on the laws that influence their situation.

Looking for more information? Speak with a Chicago bankruptcy attorney from Sulaiman Law Group, LTD. We’re here to provide the information you need to make an informed decision for the future of your financial health and well-being.

What Does a Bankruptcy Trustee Do?

A bankruptcy trustee really comes into play in a Chapter 13 bankruptcy. A Chapter 7 bankruptcy involves full liquidation. Under the law, there are certain items excluded from liquidation.

More About the Bankruptcy Trustee

The bankruptcy trustee is a private businessperson, often an attorney. He or she is charged with upholding the Bankruptcy Code and collecting as much money for the estate as possible and works in the interest of creditors.

According to the federal guidelines, the bankruptcy trustee gets a percentage of whatever is collected on behalf of creditors. Therefore, some financial incentive for the trustee involves ensuring that you are properly disclosing everything.

How Does the Trustee Meeting Work?

To put this into context, if Blake and Crystal,* for example, went to the meeting with the trustee, they would bring their Social Security card and all of their documentation to the meeting. The purpose of the meeting is to verify the information in the bankruptcy petition. Although Blake and Crystal thought that the meeting would be very long and tedious, the meeting with the trustee was only about three to four minutes long.

People tend to have many questions about this meeting. Our frequently asked questions page addresses some of the most important questions you may have.

Contact Us to Learn About Your Options

Our lawyers understand that you are in a difficult place. When your finances are out of control, they are overwhelming. It is okay to admit that you need help. Our lawyers are here to help you and your family find the right legal options for your financial hardships.

Contact us online or by calling us at (312) 313-1613.

*Blake and Crystal are fictitious characters created for the purposes of explaining and illustrating various bankruptcy situations.