Most people know that every bankruptcy situation involves a debtor and their creditors. Then there's your lawyer and the judge overseeing the proceedings. However, not many individuals know about the bankruptcy trustee and the role he or she plays in the bankruptcy situation.
As a matter of fact, the court-appointed trustee for your Chapter 7 bankruptcy situation may have more bearing on the result than any other of the variables at play. The trustee's roles include:
Making sure your lenders get paid as much of what's owed to them as possible.
Determining which of your belongings are exempt from liquidation.
Making sure the debtor's and creditor's claims are valid and accurate.
Overseeing the creditors' meetings and making objective decisions.
The Chapter 7 Bankruptcy Trustee and You
Always keep in mind that the trustee is appointed by the court but is there to serve both you and your creditors in a fair and unbiased manner. The trustee holds quite a bit of power and should be treated with honor and respect. If you or your lawyer attempt to lie or deceive the trustee as it pertains to the facts of your case in any way then you could risk having your bankruptcy situation thrown out altogether which could be crippling to your position.
Speak to a licensed bankruptcy lawyer today about the role of the trustee in your Chapter 7 bankruptcy and how to handle it. The trustee is just one aspect of your bankruptcy case that you should be familiar with before going in so be positive to ask your lawyer numerous questions concerning the bankruptcy procedure as a whole. That way you could give yourself the best possible shot at getting out of bankruptcy as unscathed as possible.
