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August 1, 2008, Newsletter Issue #75: Chapter 7 Bankruptcy Trustees
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Tip of the Week
A Chapter 7 trustee is someone who is appointed by the court or, sometimes, agreed upon by the creditors who are involved in a bankruptcy case. The trustee must be licensed as an “insolvency practitioner” and must be registered under the United States Bankruptcy Act. During a Chapter 7 bankruptcy, the trustee receives all of the debtor’s non-exempt property (assets), generates and manages the funds from the sale of those assets, pays related expenses, and, then disburses the remaining funds to the listed creditors. The Chapter 7 trustee acts as an officer of the court to ensure that both the debtor’s and the creditors’ interests are protected and administered in accordance with federal bankruptcy laws.
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