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Chapter 7 Bankruptcy Trustee

On Behalf of | Jun 2, 2010 | Chapter 7 Bankruptcy |

In a Chapter 7 Bankruptcy the role of the trustee is limited. In most Chapter 7 cases, the debtor does not have assets available but in cases where there are assets, the trustee is responsible for the liquidation of the assets and the payments of such monies to the creditors. The trustee evaluates the bankruptcy, looks at exemptions and schedules. The trustee also participates in the meeting of the creditors (341 hearing) and oversees the process of selling any assets. The trustee also has the power to deny a discharge to the debtor if there is any evidence of fraud, perjury or ineligibility is discovered. The U.S. Trustee appoints the Chapter 7 trustee to a panel for a period of one year (renewable).

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