What is a Trustee?

[KenInNY]

What is a Trustee?
The Creditor is the bank, or banks?

Are there more than one Trustee for each bank?
Thanks

[OregonMom]

The trustee is another lawyer who job it is to make sure you are not hiding any assets. They may take assets to sell and give the money to your creditors, they are on the side of your creditors to make sure you are not frauding the system when you are filing bankruptcy. They kindof give the yeah or neah to your bankruptcy.

[lrprn]

What is a Trustee?

According to the Nolo website at http://www.nolo.com/definition.cfm/T...1D8B9/alpha/B/ , a trustee is "A person appointed by the court to oversee the case of a person or business that has filed for bankruptcy. In a consumer Chapter 7 case, the trustee's role is to gather the debtor's nonexempt property, liquidate it and distribute it proportionally to the filer's creditors. In a Chapter 13 case, the trustee's role is to receive the debtor's monthly payments and distribute them proportionally to the filer's creditors."

The Creditor is the bank, or banks?

A creditor is any financial organization or person that the filer owes money to on filing day. The debt owed could be secured (tied to an asset like a home, a car, etc) or unsecured.

Are there more than one Trustee for each bank?

A bankruptcy trustee is an employee of the US Courts system. Trustees are not employed by banks or any other creditor, but they do protect creditors' financial interests during a bankruptcy filing. When a person or couple files bankruptcy, they are assigned one trustee by the local court who supervises their case from start to finish. It's also possible for one of the US trustees (a higher-level trustee) to get involved in a bankruptcy case, but this is unusual.

To learn more about how bankruptcy works, visit this website and click on the links - http://www.uscourts.gov/bankruptcyco...tcybasics.html

[floridian]

sort of like a probation officer...

[KenInNY]

thanks all for the great replies . .

>> the trustee's role is to gather the debtor's nonexempt property, liquidate it and distribute it proportionally to the filer's creditors.

I don't have much:
junk furniture, clothes, old computer, TV, a cheap guitar and bass,
and my car is worth about $2000.

Do they come to your house or anything like that?

[OregonMom]

They never came to my house.

[StartingOver08]

Some of the districts are much more strict and will send an appraiser out to look at your stuff if they think you have more value than what you show on your petition. The middle district of Florida has a trustee that is really, really bad about this. Look up posts by FloridaGuy.

But, in general, most Trustee's do not want to spend the money to send out an appraiser to look at our stuff!

[TEW]

Some of the districts are much more strict and will send an appraiser out to look at your stuff if they think you have more value than what you show on your petition. The middle district of Florida has a trustee that is really, really bad about this. Look up posts by FloridaGuy.

But, in general, most Trustee's do not want to spend the money to send out an appraiser to look at our stuff!

StartingOver08 I don't believe a trustee will send out an appraiser unless he has very good resin to believe there is substantial asset to be gained and that the petitioner substantial underestimated the value of the asset.
Who is going ot pay for it if he is wrong.

[StartingOver08]

True TEW - I said only if it looked like the stuff had more value! But you are right, unless the Trustee can get substantial funds - its not worth the time or money to the Trustee to do it. I only brought up the middle district of Fl because that Trustee has a national reputation for sending out appraisers!