In the event that you are considering consumer bankruptcy, you have perhaps heard the word 'trustee' put to use more than once, also in more than one way. When it comes to bankruptcy Chapters 7, 13 and 12, a trustee shall be designated for your bankruptcy proceeding; meanwhile, there is also a United States Trustee's agency responsible for protecting the integrity of the current bankruptcy program, and examining falsified bankruptcy petitions. In what ways are they different, and how do they work together for a common end goal?
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The role of a trustee changes among the bankruptcy cases filed under Chapters 13 and 7. The latter, which is also known as liquidation, demands the trustee to sell the debtor's significant belongings and move the earnings to debt collectors with a purpose to pay off the unresolved amounts. With Chapter 13, a trustee just will have to collect the funds from a person and hand it to the collectors according to the first repayment routine.
A trustee will be there at the creditor's meeting, or Section 341 conference. While in this meeting, you will respond to questions based on the information of your own case. Your creditors are asked to attend this meeting, and if they have any issues with your repayment schedule, they can report a formal grievance. On the other hand, this discussion is generally completed in a short while and it's the duty of your trustee to help with any disagreements that may come up. Failure to work with your assigned trustee or reply to their questions genuinely, is likely to cause a person's Chapter 7 or Chapter 13 request being refused.
Closely tied to the trustee is the U.S. Trustee's Office. Although its sole objective is to deter bankruptcy fraud, it is distinct from the Bankruptcy Court and is in actuality a component of the Department of Justice. The work of the Trustee's Office will be to carefully review all bankruptcies being prepared, to coach and coordinate all current trustees, and above all, recognizing and analyzing all bankruptcy filings that appear suspect and might indeed be an attempt at bankruptcy fraud. Although the Trustee is not always directly a part of any bankruptcy case, it might start a motion to get a release terminated or a whole bankruptcy rejected. The Trustee's Office is also where a debtor could report any problems concerning a trustee with whom they're working, and even while they cannot dispense legal services, you can call up the Trustee's Office to know the present position of their consumer bankruptcy request or even provide a tip relating to particular bankruptcy fraud.
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