Bankruptcy Law Firm
The Bankruptcy Trustee
In a typical chapter 7 case there is nothing to distribute to creditors.
This is because most people who file under chapter 7 debtors can use their exemptions to keep all their assets.
In a chapter 13 case you will be making payments over a period of time to the trustee.
The trustee will distribute that money to the creditors who claims are included in your plan.
The bankruptcy trustee is a person appointed by the bankruptcy court to administer your bankruptcy case. When you attend your 341 hearing the trustee is the person who presides over the hearing.
The specifics of the trustee's job depends on the type of case you file. Generally, though, the trustee's job is to collect assets for your creditors.
An asset could be money. It could be a home. It could be a coin collection.
If you cannot exempt all your assets, those that cannot be exempted are turned over to the trustee.
The trustee informs the creditors that there are assets.
It's up to each creditors to file the proper paperwork to receive a share.
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726 W. Grand River Ave., Brighton, MI 48116.
John Ceci PLLC is a debt relief law firm.
I help people file for bankruptcy relief under the bankruptcy code. Nothing on this site is intended to be legal advice for your specific situation.
The information offered is just that: information.