Filing for bankruptcy can be an intimidating process, not only because it involves your financial profile, but because it is legally complex as well. There are a host of people, such as a bankruptcy trustee, who will be involved during your filing and you may be wondering who these people are and what they do. Fortunately, working with a bankruptcy attorney will provide you with the peace of mind you need. A Dayton bankruptcy attorney will not only streamline the process for you, but also ensure that you are comfortable throughout the case and know the role that various officials will play in your bankruptcy case.
Why a Bankruptcy Trustee is Important
The bankruptcy trustee plays an important role in your case. While the bankruptcy trustee isn’t your “go-to-person” like your bankruptcy attorney, he or she will play a prominent role throughout the entire proceeding. The bankruptcy trustee is the person who investigates your assets, exemptions, and other aspects of the bankruptcy estate. In short, the bankruptcy trustee will:
Review your petition and other documents. The bankruptcy trustee is the person who thoroughly examines your petition and all related financial documents and records. Working with a bankruptcy attorney throughout this process will increase the chances that your documentation will meet the approval of the bankruptcy trustee.
Play a prominent role in your bankruptcy hearing. The bankruptcy trustee is the person who places you under oath during the Meeting of Creditors. The bankruptcy trustee will question you about your assets, finances, debt, and other information that you provided during the petition. While this may sound intimidating, your bankruptcy attorney will help you understand everything you need to say during the Meeting of Creditors. Consistently communicating with your bankruptcy attorney about your case will ensure you’re prepared to handle the questions from the bankruptcy trustee.
Collect state property. If any of your property is to be acquired and liquidated to repay your creditors, it is the bankruptcy trustee who completes this process. To protect your assets and property, it’s crucial to meet with a bankruptcy attorney as soon as possible to ensure that your rights are protected and represented.