alabama bankruptcy exemptions
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What is the role of the Chapter 7 Trustee?
Once a Chapter 7 Bankruptcy has been filed, an impartial case trustee by the office of the United States Trustee appointed. (In Alabama and North Carolina, is the trustee appointed by the court). The primary function of the Chapter 7 trustee is to manage the case and liquidate your nonexempt assets. Free in most cases your assets are completely and there is no property for the trustee to manage. The trustee will liquidate your nonexempt assets in a way that maximizes the return to your unsecured creditors. The trustee may also pursue causes of action you may at the time of your bankruptcy have been submitted. A common cause of action is to recover one, money or property is owed to you.
The trustee also has strong avoiding powers. This allows a trustee to set aside preferential transfers to creditors in order to login Bankruptcy made. Avoid This power can lead to income are not distributed to unsecured creditors.
In addition to liquidate any non-exempt Assets, the trustee has the duty to ensure that you have complied with the numerous bankruptcy laws that are listed throughout the Bankruptcy Code.
The trustee is often a local bankruptcy attorney, however, a trustee is not obligated to a lawyer. You can rest assured, that the trustee a person who is very knowledgeable, Chapter 7, to manage the court system and all necessary procedures to be the case.
The trustee is mainly interested in what property you own, whether in the context of the federal or state laws and whether it will be administered for the benefit of creditors may be excluded. The trustee has a vested interest in the property because he partially paid on commission. That's right, the trustee can 25% of the first $ 5,000.00 administered to receive 10% of any amount between € 5,000.00 and $ 50,000.00, and 5% given the additional quantities.
Many borrowers wonder whether or not the trustees want to be their homes for real estate search. Although this is possible, it is highly unlikely. The trustee would Hard to believe that the debtor is not in his plans come true, or otherwise not executing the Trustee.
The Chapter 7 Trustee's Work
The trustee will review the petition and events you submitted. He will review the exemptions to see if it is a property that are used to can. He will review your statement of the intentions with respect to the secured property and leasing. At the meeting of creditors will consider the trustees Your financial affairs.
He will see your attorney to review whether they are in compliance with local standards for the fees. If the fee paid by you has been exaggerated, the trustee may bring a motion to these charges have been reviewed by the court. To the extent that the fee is determined to climb, the Court of the cancellation of the fee agreement or order to be refunded a portion of the fees.
He examined Your state issued ID and social security card. If there is a problem associated with these products, the trustee will report same to the United States Trustee.
If you miss your required meeting of creditors, the trustee may set a continued date, or he can move to have your case dismissed.
Not by what the trustee and not be worried what you are doing the Trustee. In the majority of cases the debtor to be the trustee of the relatively short meeting of creditors is limited.
About the Author
David M. Siegel is the author of Chapter 7 Success: The Complete Guide to Surviving Personal Bankruptcy. He is a member of the American Bankruptcy Institute and currently practices bankruptcy law in Chicago and its surrounding suburbs. Additional information is available at http://www.bankruptcy-lawyers-losangeles.com .
