Seek legal advice from a bankruptcy attorney about the role of a bankruptcy trustee
When your financial troubles start piling up, doing something drastic to pay your debts immediately, like filing for bankruptcy, is natural. But before you fully commit to making a petition, gathering all the information about the people you will be dealing with is crucial. A great way to start would be to know what is a bankruptcy trustee in Springfield, MA.
Although the process is highly complex and stressful, a bankruptcy filing is the most effective method to clear your debt, legally protect yourself from creditor harassment, and be financially free again. Building a solid bankruptcy case requires a collaborative effort from you, your bankruptcy attorney, the bankruptcy trustee, and others. Knowing what a bankruptcy trustee is is crucial in your quest for debt relief.
To know more about bankruptcy and how it can improve your financial situation, contact the Law Office of Erik Kornblum now, and start a conversation with our Springfield bankruptcy attorney.
Why Do I Need a Bankruptcy Attorney in Massachusetts?
If you have recently dealt with or are experiencing loss of income, hospital bills, credit card debt, or all of these, a bankruptcy filing may be the safest way to recover from your current situation. Getting a skilled bankruptcy lawyer to fight your legal battles has become necessary, especially if that person is looking for their client’s welfare and knows about the challenges ahead.
It is truly a huge advantage to be working with an attorney who:
- Believes in aggressive and diligent legal representation
- Has several years’ worth of experience in resolving all sorts of financial problems both in and out of federal court
- Strives hard to ease the stress brought by every step of the bankruptcy proceedings
- Does everything in their power to get all clients’ finances back on track
- Will walk you through everything that needs to be done to complete the process
- Thoroughly explains the role of a bankruptcy trustee in Springfield, MA
- Informs you of any Chapter 7 or Chapter 13 exemptions that apply to your bankruptcy case
If you are looking for a Springfield bankruptcy lawyer, call our law office today and schedule a conversation with Erik.
What is a Bankruptcy Trustee?
According to the United States Bankruptcy Code, the trustee plays a vital role during bankruptcy proceedings. To qualify as a bankruptcy trustee, one must possess the following qualities:
- Physically and mentally fit to execute the duties of a trustee
- Must be willing to submit reports as required and have applied under oath and accomplished prescribed forms
- Cannot be in any way related to anyone who works in the United States Trustees of the Department of Justice’s executive office or the office of the United States Trustee for the district where they are currently applying
- Possess integrity and good moral character
- Is unbiased and does not have any prejudices against an individual, group, or entity
Depending on what bankruptcy chapter a debtor files for, the role of a bankruptcy trustee will vary. The following sections describe the duties of the trustee during Chapter 7 bankruptcy and Chapter 13 bankruptcy.
What is a Trustee’s Role During Chapter 7 Bankruptcy?
One of the primary jobs of a trustee during Chapter 7 bankruptcy is to gather and sell your non-exempt assets. While your Chapter 7 bankruptcy case is open, the trustee will have your property in a bankruptcy estate.
In addition, the Chapter 7 trustee also must make the bankruptcy court aware of any disagreement the debtor expressed while checking for the exempt and non-exempt property.
If you are still wondering what bankruptcy trustees do during Chapter 7, below are other essential duties they perform:
- Review all the paperwork you submitted for your bankruptcy petition
- Check to confirm your identification
- Conduct the 341 creditors’ meeting
- Ask you questions about the documents you prepared
- Locate and investigate undisclosed assets
- Seize unprotected assets by Chapter 7 bankruptcy exemptions
- Verify all proof of claim forms submitted by your creditors
What is a Trustee’s Role During Chapter 13 Bankruptcy?
One of the primary tasks of a bankruptcy trustee during Chapter 13 is to be the bankruptcy administrator. They will ensure you are eligible to submit a petition and oversee the implementation of your repayment plan. Most people petitioning for Chapter 13 bankruptcy do not meet with a judge while their case is pending, as the trustee does this on their behalf.
However, the bankruptcy trustee is not limited to being the Chapter 13 administrator. They also consist of:
- Reviewing your Chapter 13 payment plan
- Conducting the creditor’s meeting
- Attending the confirmation hearing and informing the judge whether or not the plan meets all the requirements
- Making sure your plan is approved before it takes effect
- Objecting to invalid creditor claims
What Questions Does a Bankruptcy Trustee Ask?
One of the crucial duties of a trustee is to ask you different questions about all the nitty gritty of your bankruptcy case. Below are what you can expect during the interview process:
- The bankruptcy trustee will ask about your personal information to confirm your identity.
- The bankruptcy trustee will ask questions about your submitted documents to check their validity.
- The bankruptcy trustee will ask you about any assets you may not have disclosed or informed that bankruptcy court about during the Chapter 7 filing.
- The bankruptcy trustee will ask for details about your Chapter 13 repayment
You will be under oath while answering the bankruptcy trustee’s questions, so be honest throughout the interview. Get help from a Massachusetts bankruptcy attorney if you are unsure how to respond to each inquiry about your case.
Call our Bankruptcy Attorney in Springfield, MA, Today!
Are your financial troubles continuously preventing you from sleeping well at night? You must have a bankruptcy attorney to help address your issues and explain what is a bankruptcy trustee in Springfield, MA. Once you have found that person, you will be a step closer to finally breaking free from debt!
Erin Kornblum has intimate knowledge of the Massachusetts legal system and has over two decades of bankruptcy law experience. If you desperately need to stop having your wages garnished, are curious to know what life will be like after filing bankruptcy, or how to negotiate with your debtors properly, he is the man for the job!
Call our law office today and start a conversation with our Springfield bankruptcy attorney!