Bankruptcy trustees have an important part in the bankruptcy process. A bankruptcy trustee is typically appointed privately by the Department of Justice and acts as a neutral party who protects both the debtor and the creditors.
Under current US bankruptcy law, when you file for bankruptcy protection an “estate” is created consisting of all your property. It’s this estate that the bankruptcy trustee is entrusted with overseeing. Specifically, in a Chapter 7 bankruptcy case, the trustee will round up the debtor’s property, sell the estate’s property, challenge creditor’s claims when necessary, and distribute the proceeds of any sale to the creditors.
Alternatively, in a Chapter 13 bankruptcy case, the trustee reviews the repayment plan, makes any necessary changes, and distributes payments to all the creditors. Additionally, if there are any challenges made by either the debtor or the creditor during the bankruptcy process, it is the trustee who will decide how the case proceeds.
It’s important to understand the role of the trustee in any bankruptcy case. It’s also important to understand that your local bankruptcy attorney is not only familiar with the process as a whole, but has, most likely, also worked with the local bankruptcy trustees and their staff in previous cases. With this intimate knowledge of the landscape you are far more likely to have a successful Ohio bankruptcy case when enlisting their help.