Bankruptcy Trustee

In each bankruptcy filing case, the bankruptcy court appoints a bankruptcy trustee to oversee each bankruptcy process. The role of the bankruptcy trustee in a bankruptcy case is critical as shall be discussed below.

What is the bankruptcy trustee? What is the role of a bankruptcy trustee?

A bankruptcy trustee is not a lawyer. A bankruptcy trustee is an individual or a corporation licensed by the government and appointed by the bankruptcy court to conduct each bankruptcy process.

Who pay the bankruptcy trustee? The bankruptcy trustee of a particular bankruptcy case is paid by the person filing bankruptcy out of the assets of the person's bankruptcy estate.

What do bankruptcy trustees do? What are the duties of a bankruptcy trustee?

The duties of a bankruptcy trustee include:

• reviewing the bankruptcy case and advise the person filing bankruptcy of any alternatives to bankruptcy.
• administering the bankruptcy proposal
• liquidating nonexempt properties and raising cash to pay creditors
• overseeing the bankruptcy case through the end to ensure that the bankruptcy process complies with the Bankruptcy and Insolvency Act.