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Bach Is Your Financial Future.
555 Skokie Blvd Suite 250, Northbrook, IL 60062
PO Box 1285, Northbrook, IL 60062
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Whether you about to file for Chapter 7 or Chapter 13 bankruptcy, the court will appoint a “bankruptcy trustee” to oversee the administration of the case. The duties and responsibilities of the trustee depend on the type of bankruptcy that is filed.
But first, it is important to understand what a “bankruptcy estate” is before knowing the role of a trustee. According to bankruptcy law, a bankruptcy estate – which is composed of the debtor’s property (e.g., home(s), vehicle(s), and other assets) – is created and the trustee will then oversee the estate.
Chapter 7 is also known as a “liquidation” bankruptcy because the trustee cancels either all or many of your debts and sells some of your nonexempt property to repay your creditors. The trustee will earn a small fee for reviewing your paperwork and a small percentage of any property sold.
The following are some of the main responsibilities of a trustee in a Chapter 7 bankruptcy:
In contrast, Chapter 13 bankruptcy reorganizes your debt in the form of a three- to five-year repayment plan, which allows you to pay creditors some or all of what you owe and retain possession of your property. The trustee will oversee how your plan is administered.
The main duties of a trustee in a Chapter 13 bankruptcy include:
If you are interested in filing for bankruptcy in Northbrook, IL, contact Bach Law Offices, Inc. today at (847) 440-5998 for a free initial consultation. Let us help you overcome your debt and get your life back on track!