Bankruptcy Trustee
A bankruptcy trustee is a person or entity appointed by the court to oversee bankruptcy cases. Their primary role is to manage the assets of the person or business declaring bankruptcy, ensuring that creditors are paid fairly according to the law. They review financial documents, sell non-exempt assets if necessary, and distribute the proceeds to creditors. The trustee also verifies debts and makes sure that the bankruptcy process follows legal protocols, helping to ensure an orderly resolution for all parties involved.
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A bankruptcy trustee is a licensed individual appointed by the court to oversee a bankruptcy case. Their primary role is to evaluate the debtor's financial situation, manage the distribution of assets to creditors, and ensure that the bankruptcy process is conducted fairly and legally. In Chapter 7 cases, the trustee may sell non-exempt assets to repay debts, while in Chapter 13 cases, they supervise the repayment plan. Essentially, the trustee acts as an intermediary between the debtor and creditors, ensuring compliance with bankruptcy laws and protecting the interests of both parties.