Friday, April 8, 2011
The role of the trustee after a bankruptcy discharge
In the period of 12 months, 30 June 2010, more than 1.5 million people in the United States ends the personal bankruptcy. A trustee is appointed to monitor the bankruptcy process. A debtor receives a InheritanceThe, trustee in bankruptcy in all cases can re involved in a case if the debtor of an inheritance within six months of discharge.In a chapter exceeds the exemption 7 ° asset CaseIf which debtor has no assets allowed by the law of the State, the case of bankruptcy is a not-active cases. The trustee files a statement of the Court and more responsibility is shared. Usually a relief that the debtor received 60 days and the trustee has no other role.In finds a chapter 7 CaseIf property of the trustee property are not free, sold the trustee of such assets and distribute the product to the creditors. The debtor receives a discharge still generally 60 days, but trustee can much potential assets for sale in complex cases. Therefore continuation means a chapter 13 boxes chapter 13 bankruptcy.In bankruptcy trustee role the debtor for the debts must make payments of three to five years. The trustee of such payments captured and distributed to the creditors. If the payment schedule is complete, debtor receives a discharge and ends the role of the trustee.
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