Best Real Estate Lawyers in Coeur D'Alene, ID

Who is the Bankruptcy Trustee? When learning about what a bankruptcy case entails, you’ll inevitably hear about a trustee here and there. We'll go over the Trustees in consumer bankruptcy. - The Chapter 7 Trustee The Chapter 7 Trustee is in charge of overseeing a Chapter 7 Debtor’s bankruptcy case. Their responsibilities include reviewing the petition and schedules. They are also required to determine whether there are any distributions of value to be made in a Chapter 7 case. In doing so, they conduct the 341 meeting with the Debtor, in which they ask questions about the Debtor’s financial situation. - The Chapter 13 Trustee. The Chapter 13 Trustee, also known as a standing trustee, is a private individual that is in charge of overseeing a Chapter 13 Debtor’s bankruptcy case. They review the petition and schedules just like the Chapter 7 Trustee, and conduct the 341 meetings. Their responsibilities differ in that they accept monthly plan payments from the Debtor and distribute those amongst the creditors for a period of three to five years. They review the Chapter 13 plan proposed by the Debtor, and give their recommendations on whether the Court should approve it. Often the Chapter 13 recommendations make or break the Chapter 13 plan.