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Who is the bankruptcy trustee?

Type: 
General
Answer: 

The bankruptcy trustee is appointed in all Chapter 7, 12 and 13 cases and in some Chapter 11 cases. The trustee administers the bankruptcy estate and presides at the first meeting of creditors (also called the "341 meeting" ). In a Chapter 7 case, the trustee liquidates the debtor's assets by collecting and selling non-exempt estate property. In a Chapter 13 case, the trustee collects money from the debtor each month over a period of 3-5 years and distributes it to creditors according to the debtor's repayment plan. The trustee can require the debtor to provide information and documents before, during or after the meeting of creditors.