After filing for bankruptcy, a bankruptcy trustee will be assigned to oversee your case. The bankruptcy trustee is in charge of providing an objective, third-party view of the case and is appointed with overseeing the process. Your Dayton bankruptcy lawyer will be dealing directly with the trustee throughout your case.
Duties and Responsibilities
The bankruptcy trustee has a variety of duties and responsibilities to perform throughout the case. These include conducting an initial hearing, valuing and selling property when applicable, and making sure you properly follow all rules and procedures when it comes to filing and claiming assets and interests.
After filing for bankruptcy, your bankruptcy lawyer will help prepare you for the initial hearing. This hearing will be conducted by the bankruptcy trustee and is held in order to offer creditors the chance to ask questions. The trustee can also ask you questions about the information you brought forth when filing for bankruptcy. As your Dayton bankruptcy lawyer will tell you, this hearing is conducted under oath.
The second major responsibility of the bankruptcy trustee is to value and sell your nonexempt assets when necessary. When filing for bankruptcy, your bankruptcy lawyer will walk you through the property and assets you will be allowed to exempt, but everything else is able to be sold in order to pay your creditors. The trustee is charged with determining the value of the property and distributing a report to your creditors.
Another responsibility of the bankruptcy trustee is to make sure you have not broken any rules regarding improper transfers. When filing for bankruptcy, you must follow all the rules that apply to transferring and exempting property, and the trustee is in charge of making sure you do so.