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Introduction to the Trustee

Though most people know all about judges in typical legal matters, very few people know who the trustee is or what they do, but the trustee is one of the most important persons in any bankruptcy case. The trustee has a very different set of rules than judges do. Where it is the judge's responsibility to uphold the law and distribute justice, the trustee's primary responsibility is to evaluate the debtor's circumstances and make sure that the creditors in a bankruptcy case get paid whatever assets are being liquidated, if any. This is particularly true in Chapter 7 Bankruptcies.

It is the trustee's job to thoroughly examine the debtor and their finances in an attempt to find any assets that are available for distribution. The trustees put great effort in making sure that your Petition is done accurately and that all of your assets and expenses are clearly and accurately reflected.

In a Chapter 7 bankruptcy, trustees will sometimes seize a non-exempt asset and sell it at auction so that any money received from the sale can be distributed to the creditors. This, however is not typical in most Chapter 7 bankruptcies, as most of these cases are no-asset cases.

Trustees have all sorts of tricks up their sleeves that allow them to further their research and investigations into a debtor's finances. It isn't that they are out to get you, remember, it is their job to recover the most money possible. Sometimes trustees will file motions and objections during the case if they feel that some of the exemptions or personal expenses are improper. It is difficult for a debtor to instinctively know what the trustee may naturally question and what they deem necessary. This is one of the reasons why finding a good Chapter 7 bankruptcy attorney to advise you is always a smart choice. In this case the debtor or their attorney will either have to amend the item in question in the petition or will have to argue their reasons for the item in Court. The trustee can also request that the debtor get an appraisal on property, be it real estate or personal property. If the trustee feels like the debtor's estimation for their property is inaccurate, the trustee may ask that an appraisal be done in order to receive a more accurate value on the item. If the value of the item exceeds the amount that was exempt in the petition, the trustee may request that the debtor pay the difference to the trustee.

In a characteristic bankruptcy, the only time the debtor will have to interact with the trustee is at the 341 meeting. Because of the intricacies of Chapter 7 bankruptcy, it is always wise to hire a bankruptcy professional, such as Broward County Bankruptcy attorney Carmen G. Soto, P.A., to assure that all of your rights, and assets, are being protected. An attorney will be better equipped to handle any issues that the trustee may bring up while evaluating the debtor's petition for bankruptcy. If you are interested in meeting with an attorney, contact Carmen G. Soto today to schedule your appointment. Don't face the trustee alone, get the assistance you need to file your case in the most appropriate and accurate manner possible. Fort Lauderdale Bankruptcy Attorney Carmen G. Soto is ready to assist you.

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