- Trustee in bankruptcy
A Trustee in Bankruptcy, in the United States, is a person who is appointed by the
United States Department of Justiceor by the creditors involved in a bankruptcy case.
In a Chapter 7 Bankruptcy the trustee gathers the debtor’s non-exempt property, managing the funds from the sale of those assets, and then paying expenses and distributing the balance to the owed creditors.
Chapter 13Bankruptcy the trustee is responsible for receiving the debtor’s monthly payments and distributing those funds proportionally to the bankrupt’s creditors. The Bankruptcy Trustee will act on behalf of the debtor to guarantee that both the creditors’ and the debtor’s interests are maintained in accordance with the bankruptcy laws, and will often be required to act as a negotiator between the two parties.
* [http://www.nabt.com/ National Association of Bankruptcy Trustees]
* [http://www.usdoj.gov/ust/ DOJ U.S. Trustee Program]
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Look at other dictionaries:
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