Definition of the trustee

A trustee is appointed by the Court of justice a person bankrupt and supervise the bankruptcy process is performed to ensure it effectively and in accordance with the law. The United States trustee program was created when Congress passed the judges of the bankruptcy, the US administration and family farmer Bankruptcy Act of 1986. The program was "watchdog in the process of bankruptcy" function designed to meet its mission statement. By the year 2010, the Federal Republic of operates trustee program across all federal courts except those in the States of Alabama and North Carolina districts. Trustee TypesA leads the different services by the type of pending bankruptcy. In a chapter 7 bankruptcy is usually a single bankruptcy, the liquid of the debtor's assets Trustees oversees sales and sells the product to the creditors. Company bankruptcy, Chapter 11, monitors the trustee the reorganization of the company debts, so can pay operations keep and creditors. Chapter 12 bankruptcy that apply to family farms and Fischer, monitors the trustee the reorganization of debt and repayment of all or part of the creditors. An employee or chapter 13 bankruptcy, the trustee monitors a plan of reorganization and reimbursement. The trustee is the person who manages the estate.Finding bankruptcy and sale is trustee AssetsA who ensures that the bankrupt estate is managed as much money as possible and pay creditors. One of its main tasks is debtor's property, which may include dozens of bank accounts, real estate, real estate transactions, shares, bonds and other investment instruments. Certain assets PrétendumeNT possession may be part of the estate of the bankrupt, and sometimes the othersTrustee will refuse the payment by the debtor a creditor if it determines that these payments were running in anticipation of the bankruptcy. Once the assets identified, provided, of bankruptcy, the trustee sells to the highest possible price, AssetsWhen excludes within reasonable, the frame.Distribution was liquidated assets of the debtor, the trustee is a person, a plan, the proceeds of the sale to the creditors will distribute. If account liquidation has been distributed, the trustee advises the Court that the debtor is released from its debt - that is to say, be declared, is more responsible to repay the trustee in bankruptcy of the them.ReportingThe responsible for document in detail the steps in the bankruptcy proceedings, including all the actions you on behalf of the trustee of the MattersThe did estate.Legal, are the person that looks for fraud or abuse of the bankruptcy of system. If he thinks that fraud has occurred, it will take legal action. If it feels that an offence has occurred, it is the question of the application of the law to investigate to transform and take criminal action is specified. The trustee oversees the fees by the professionals of the action and ensures that you are reasonable.