Bankruptcy blog

August 16, 2008

Interim trustee

Filed under: Uncategorized — Tags: — admin @ 5:50 pm

Interim trustee is a term of art in section 701 of the Bankruptcy Code, Title 11 of the United States Code.

When a case under Chapter 7 of the Code is commenced, the United States Trustee immediately appoints an interim trustee for that case. The most important immediate duty of the interim trustee is to conduct the first meeting of creditors (sometimes called the “341 meeting”), at which the bankrupt person is required to appear and respond to questions under oath concerning the person’s assets and debts (see generally ).

If the creditors do not elect some other person qualified to serve as trustee for the case, then the interim trustee becomes the “permanent” trustee. He or she serves as trustee for the duration of the case, but is subject to removal for good cause. In the overwhelming majority of bankruptcy cases, the interim trustee is not replaced, and serves for the entire case.

Chapter 7 trustees are selected by the U.S. Trustee from a “panel” of individuals residing or having offices in the judicial district where the bankruptcy case is filed. Federal law prohibits the U.S. Trustee from requiring the trustee to be licensed as an attorney. Because trustees must be knowledgeable about bankruptcy law and procedure in order to administer their cases, most panel trustees are, however, attorneys who handle their court responsibilities as a complement to their law practices.

The only other legal pre-requisite for the qualification of the interim trustee is the giving of a surety bond to secure compliance with the trustee’s responsibilities in the case. Generally, panel trustees will file a “blanket bond” with the U.S. Trustee’s office which covers all cases in which a particular trustee is serving.


See also

  • Bankruptcy

July 30, 2008

United States Trustee Program

Filed under: Uncategorized — Tags: , , — admin @ 6:45 am

The United States Trustee Program is an agency of the United States Department of Justice that is responsible for overseeing the administration of bankruptcy cases and private trustees. The applicable federal law is found at 28 U.S.C. § 586 and 11 U.S.C. § 101, et seq.

In addition to the twenty-one United States Trustees, the program is administered by the Legislative Office for U.S. Trustees (EOUST), located in Washington, D.C., and 95 field offices. The United States Trustee is the federal official charged with enforcing civil bankruptcy laws in the United States.

Contents


Overview

The United States Attorney General generally appoints a separate United States Trustee for each of twenty-one geographical regions for a five year term. Each United States Trustee is removable from office by and works under the general supervision of the Attorney General (see and ). Each United States Trustee, an officer of the Department of Justice, is responsible for maintaining and supervising a panel of private trustees for Chapter 7 bankruptcy cases (see ). The United States Trustee has other duties including the oversight of administration of most bankruptcy cases and trustees (see generally 28 U.S.C. § 586(a)(3)).

Each of the twenty-one regional U.S. Trustees maintains an office in each judicial district within the trustee’s region, except for Alabama and North Carolina, which are not administered by the U.S. Trustee program.

The U.S. Trustee does not have prosecution powers, but is required by law to refer information regarding potential criminal violations of bankruptcy laws to the United States Attorney.Title 18 of the U.S. Code section 3057, which also applies to private trustees.

Interim trustees serve by the U.S. Trustee’s appointment in Chapter 7 cases. Generally the interim trustee is assigned at random from a “panel” of qualified individuals at the time a bankruptcy case is filed, and is automatically appointed as the “permanent” case trustee after the first meeting of creditors.

Due to the relative infrequency of filing of petitions for Chapter 12 (family farmer debt adjustment) relief, trustees for these cases are typically appointed on an ad hoc basis.

Each judicial district has one or more Standing Chapter 13 Trustees. The Standing Trustees are responsible for the administration of all Chapter 13 cases filed in their judicial district.

If for any reason all panel and/or standing trustees are disqualified or unable to perform, the U.S. Trustee may serve as trustee for a particular case under Chapter 7, 12 or 13. This very rarely happens.

The U.S. Trustee’s office conducts the first meeting of creditors in a Chapter 11 case. Most Chapter 11’s do not require the appointment of a trustee: however, in those cases which do, the U.S. Trustee oversees the appointed trustee’s handling of the case and, for good cause, can seek the removal or replacement of the trustee. The U.S. Trustee may not, however, serve as the case trustee in Chapter 11. Along with the creditors committees, the U.S. Trustee acts as the primary “watchdog” to ensure compliance with the Bankruptcy Code in cases where no trustee has been appointed.

Accounting staffers within the Trustee’s office review all debtor filings, and monitor trustee and attorney fees in all cases. Attorneys employed by the Trustee represent the office in United States bankruptcy court and pursue civil sanctions for some egregious violations of the law in Chapter 7, 12 and 13 cases.


Executive Office of the U.S. Trustee

The Executive Office of the U.S. Trustee (EOUST) is part of The United States Department of Justice (DOJ). The EOUST is the component of The United States Department of Justice (DOJ) responsible for overseeing the administration of bankruptcy cases and private trustees. The responsibility of the EOUST as the top level office controlling DOJ attorneys who monitor conduct in U.S. Bankruptcy Courts is analogous to that of The Executive Office for United States Attorneys (EOUSA) as responsible for prosecutors (District Attorneys) of the DOJ.

In contract with the EOUSA, the EOUST maintains indirect publicity and refers to its offices as the “U.S. Trustee Program”.


Criminal Referral

When a government attorney working at the EUOST or any of its regional or field offices observes or suspects any criminal activity, it must be referred to a District Attorneyhttp://law.onecle.com/uscode/18/3057.html for investigation and if warranted, prosecution. The official policy of the EOUST is to include a review of such criminal referrals as part of the employee evaluation for each DOJ attorney employeed as a U.S. Trustee.


References


See also

Bankruptcy in the United States.


External links

  • United States Trustee Program home page

July 7, 2008

Interim trustee

Filed under: Uncategorized — Tags: , — admin @ 6:10 pm

Interim trustee is a term of art in section 701 of the Bankruptcy Code, Title 11 of the United States Code.

When a case under Chapter 7 of the Code is commenced, the United States Trustee immediately appoints an interim trustee for that case. The most important immediate duty of the interim trustee is to conduct the first meeting of creditors (sometimes called the “341 meeting”), at which the bankrupt person is required to appear and respond to questions under oath concerning the person’s assets and debts (see generally ).

If the creditors do not elect some other person qualified to serve as trustee for the case, then the interim trustee becomes the “permanent” trustee. He or she serves as trustee for the duration of the case, but is subject to removal for good cause. In the overwhelming majority of bankruptcy cases, the interim trustee is not replaced, and serves for the entire case.

Chapter 7 trustees are selected by the U.S. Trustee from a “panel” of individuals residing or having offices in the judicial district where the bankruptcy case is filed. Federal law prohibits the U.S. Trustee from requiring the trustee to be licensed as an attorney. Because trustees must be knowledgeable about bankruptcy law and procedure in order to administer their cases, most panel trustees are, however, attorneys who handle their court responsibilities as a complement to their law practices.

The only other legal pre-requisite for the qualification of the interim trustee is the giving of a surety bond to secure compliance with the trustee’s responsibilities in the case. Generally, panel trustees will file a “blanket bond” with the U.S. Trustee’s office which covers all cases in which a particular trustee is serving.


See also

  • Bankruptcy

May 27, 2008

Interim trustee

Filed under: Uncategorized — Tags: , — admin @ 9:20 am

Interim trustee is a term of art in section 701 of the Bankruptcy Code, Title 11 of the United States Code.

When a case under Chapter 7 of the Code is commenced, the United States Trustee immediately appoints an interim trustee for that case. The most important immediate duty of the interim trustee is to conduct the first meeting of creditors (sometimes called the “341 meeting”), at which the bankrupt person is required to appear and respond to questions under oath concerning the person’s assets and debts (see generally ).

If the creditors do not elect some other person qualified to serve as trustee for the case, then the interim trustee becomes the “permanent” trustee. He or she serves as trustee for the duration of the case, but is subject to removal for good cause. In the overwhelming majority of bankruptcy cases, the interim trustee is not replaced, and serves for the entire case.

Chapter 7 trustees are selected by the U.S. Trustee from a “panel” of individuals residing or having offices in the judicial district where the bankruptcy case is filed. Federal law prohibits the U.S. Trustee from requiring the trustee to be licensed as an attorney. Because trustees must be knowledgeable about bankruptcy law and procedure in order to administer their cases, most panel trustees are, however, attorneys who handle their court responsibilities as a complement to their law practices.

The only other legal pre-requisite for the qualification of the interim trustee is the giving of a surety bond to secure compliance with the trustee’s responsibilities in the case. Generally, panel trustees will file a “blanket bond” with the U.S. Trustee’s office which covers all cases in which a particular trustee is serving.


See also

  • Bankruptcy

May 3, 2008

United States Trustee Program

Filed under: Uncategorized — Tags: , , — admin @ 11:35 pm

The United States Trustee Program is an agency of the United States Department of Justice that is responsible for overseeing the administration of bankruptcy cases and private trustees. The applicable federal law is found at 28 U.S.C. § 586 and 11 U.S.C. § 101, et seq.

In addition to the twenty-one United States Trustees, the program is administered by the Legislative Office for U.S. Trustees (EOUST), located in Washington, D.C., and 95 field offices. The United States Trustee is the federal official charged with enforcing civil bankruptcy laws in the United States.

Contents


Overview

The United States Attorney General generally appoints a separate United States Trustee for each of twenty-one geographical regions for a five year term. Each United States Trustee is removable from office by and works under the general supervision of the Attorney General (see and ). Each United States Trustee, an officer of the Department of Justice, is responsible for maintaining and supervising a panel of private trustees for Chapter 7 bankruptcy cases (see ). The United States Trustee has other duties including the oversight of administration of most bankruptcy cases and trustees (see generally 28 U.S.C. § 586(a)(3)).

Each of the twenty-one regional U.S. Trustees maintains an office in each judicial district within the trustee’s region, except for Alabama and North Carolina, which are not administered by the U.S. Trustee program.

The U.S. Trustee does not have prosecution powers, but is required by law to refer information regarding potential criminal violations of bankruptcy laws to the United States Attorney.Title 18 of the U.S. Code section 3057, which also applies to private trustees.

Interim trustees serve by the U.S. Trustee’s appointment in Chapter 7 cases. Generally the interim trustee is assigned at random from a “panel” of qualified individuals at the time a bankruptcy case is filed, and is automatically appointed as the “permanent” case trustee after the first meeting of creditors.

Due to the relative infrequency of filing of petitions for Chapter 12 (family farmer debt adjustment) relief, trustees for these cases are typically appointed on an ad hoc basis.

Each judicial district has one or more Standing Chapter 13 Trustees. The Standing Trustees are responsible for the administration of all Chapter 13 cases filed in their judicial district.

If for any reason all panel and/or standing trustees are disqualified or unable to perform, the U.S. Trustee may serve as trustee for a particular case under Chapter 7, 12 or 13. This very rarely happens.

The U.S. Trustee’s office conducts the first meeting of creditors in a Chapter 11 case. Most Chapter 11’s do not require the appointment of a trustee: however, in those cases which do, the U.S. Trustee oversees the appointed trustee’s handling of the case and, for good cause, can seek the removal or replacement of the trustee. The U.S. Trustee may not, however, serve as the case trustee in Chapter 11. Along with the creditors committees, the U.S. Trustee acts as the primary “watchdog” to ensure compliance with the Bankruptcy Code in cases where no trustee has been appointed.

Accounting staffers within the Trustee’s office review all debtor filings, and monitor trustee and attorney fees in all cases. Attorneys employed by the Trustee represent the office in United States bankruptcy court and pursue civil sanctions for some egregious violations of the law in Chapter 7, 12 and 13 cases.


Executive Office of the U.S. Trustee

The Executive Office of the U.S. Trustee (EOUST) is part of The United States Department of Justice (DOJ). The EOUST is the component of The United States Department of Justice (DOJ) responsible for overseeing the administration of bankruptcy cases and private trustees. The responsibility of the EOUST as the top level office controlling DOJ attorneys who monitor conduct in U.S. Bankruptcy Courts is analogous to that of The Executive Office for United States Attorneys (EOUSA) as responsible for prosecutors (District Attorneys) of the DOJ.

In contract with the EOUSA, the EOUST maintains indirect publicity and refers to its offices as the “U.S. Trustee Program”.


Criminal Referral

When a government attorney working at the EUOST or any of its regional or field offices observes or suspects any criminal activity, it must be referred to a District Attorneyhttp://law.onecle.com/uscode/18/3057.html for investigation and if warranted, prosecution. The official policy of the EOUST is to include a review of such criminal referrals as part of the employee evaluation for each DOJ attorney employeed as a U.S. Trustee.


References


See also

Bankruptcy in the United States.


External links

  • United States Trustee Program home page

March 15, 2008

Interim trustee

Filed under: Uncategorized — Tags: , — admin @ 10:55 pm

Interim trustee is a term of art in section 701 of the Bankruptcy Code, Title 11 of the United States Code.

When a case under Chapter 7 of the Code is commenced, the United States Trustee immediately appoints an interim trustee for that case. The most important immediate duty of the interim trustee is to conduct the first meeting of creditors (sometimes called the “341 meeting”), at which the bankrupt person is required to appear and respond to questions under oath concerning the person’s assets and debts (see generally ).

If the creditors do not elect some other person qualified to serve as trustee for the case, then the interim trustee becomes the “permanent” trustee. He or she serves as trustee for the duration of the case, but is subject to removal for good cause. In the overwhelming majority of bankruptcy cases, the interim trustee is not replaced, and serves for the entire case.

Chapter 7 trustees are selected by the U.S. Trustee from a “panel” of individuals residing or having offices in the judicial district where the bankruptcy case is filed. Federal law prohibits the U.S. Trustee from requiring the trustee to be licensed as an attorney. Because trustees must be knowledgeable about bankruptcy law and procedure in order to administer their cases, most panel trustees are, however, attorneys who handle their court responsibilities as a complement to their law practices.

The only other legal pre-requisite for the qualification of the interim trustee is the giving of a surety bond to secure compliance with the trustee’s responsibilities in the case. Generally, panel trustees will file a “blanket bond” with the U.S. Trustee’s office which covers all cases in which a particular trustee is serving.


See also

  • Bankruptcy

March 12, 2008

Interim trustee

Filed under: Uncategorized — Tags: — admin @ 8:30 am

Interim trustee is a term of art in section 701 of the Bankruptcy Code, Title 11 of the United States Code.

When a case under Chapter 7 of the Code is commenced, the United States Trustee immediately appoints an interim trustee for that case. The most important immediate duty of the interim trustee is to conduct the first meeting of creditors (sometimes called the “341 meeting”), at which the bankrupt person is required to appear and respond to questions under oath concerning the person’s assets and debts (see generally ).

If the creditors do not elect some other person qualified to serve as trustee for the case, then the interim trustee becomes the “permanent” trustee. He or she serves as trustee for the duration of the case, but is subject to removal for good cause. In the overwhelming majority of bankruptcy cases, the interim trustee is not replaced, and serves for the entire case.

Chapter 7 trustees are selected by the U.S. Trustee from a “panel” of individuals residing or having offices in the judicial district where the bankruptcy case is filed. Federal law prohibits the U.S. Trustee from requiring the trustee to be licensed as an attorney. Because trustees must be knowledgeable about bankruptcy law and procedure in order to administer their cases, most panel trustees are, however, attorneys who handle their court responsibilities as a complement to their law practices.

The only other legal pre-requisite for the qualification of the interim trustee is the giving of a surety bond to secure compliance with the trustee’s responsibilities in the case. Generally, panel trustees will file a “blanket bond” with the U.S. Trustee’s office which covers all cases in which a particular trustee is serving.


See also

  • Bankruptcy

February 16, 2008

Trustee in bankruptcy

Filed under: Uncategorized — Tags: , — admin @ 11:17 pm

A Trustee in Bankruptcy, in the United States, is a person who is appointed by the United States Department of Justice or by the creditors involved in a bankruptcy case.

In a Chapter 7 Bankruptcy the trustee gathers the debtor’s non-exempt property, managing the funds from the sale of those assets, and then paying expenses and distributing the balance to the owed creditors.

In a Chapter 13 Bankruptcy the trustee is responsible for receiving the debtor’s monthly payments and distributing those funds proportionally to the bankrupt’s creditors. The Bankruptcy Trustee will act on behalf of the debtor to guarantee that both the creditors’ and the debtor’s interests are maintained in accordance with the bankruptcy laws, and will often be required to act as a negotiator between the two parties.


External links

  • National Association of Bankruptcy Trustees
  • DOJ U.S. Trustee Program

February 13, 2008

United States Trustee Program

Filed under: Uncategorized — Tags: , — admin @ 1:12 pm

The United States Trustee Program is an agency of the United States Department of Justice that is responsible for overseeing the administration of bankruptcy cases and private trustees. The applicable federal law is found at 28 U.S.C. § 586 and 11 U.S.C. § 101, et seq.

In addition to the twenty-one United States Trustees, the program is administered by the Legislative Office for U.S. Trustees (EOUST), located in Washington, D.C., and 95 field offices. The United States Trustee is the federal official charged with enforcing civil bankruptcy laws in the United States.

Contents


Overview

The United States Attorney General generally appoints a separate United States Trustee for each of twenty-one geographical regions for a five year term. Each United States Trustee is removable from office by and works under the general supervision of the Attorney General (see and ). Each United States Trustee, an officer of the Department of Justice, is responsible for maintaining and supervising a panel of private trustees for Chapter 7 bankruptcy cases (see ). The United States Trustee has other duties including the oversight of administration of most bankruptcy cases and trustees (see generally 28 U.S.C. § 586(a)(3)).

Each of the twenty-one regional U.S. Trustees maintains an office in each judicial district within the trustee’s region, except for Alabama and North Carolina, which are not administered by the U.S. Trustee program.

The U.S. Trustee does not have prosecution powers, but is required by law to refer information regarding potential criminal violations of bankruptcy laws to the United States Attorney.Title 18 of the U.S. Code section 3057, which also applies to private trustees.

Interim trustees serve by the U.S. Trustee’s appointment in Chapter 7 cases. Generally the interim trustee is assigned at random from a “panel” of qualified individuals at the time a bankruptcy case is filed, and is automatically appointed as the “permanent” case trustee after the first meeting of creditors.

Due to the relative infrequency of filing of petitions for Chapter 12 (family farmer debt adjustment) relief, trustees for these cases are typically appointed on an ad hoc basis.

Each judicial district has one or more Standing Chapter 13 Trustees. The Standing Trustees are responsible for the administration of all Chapter 13 cases filed in their judicial district.

If for any reason all panel and/or standing trustees are disqualified or unable to perform, the U.S. Trustee may serve as trustee for a particular case under Chapter 7, 12 or 13. This very rarely happens.

The U.S. Trustee’s office conducts the first meeting of creditors in a Chapter 11 case. Most Chapter 11’s do not require the appointment of a trustee: however, in those cases which do, the U.S. Trustee oversees the appointed trustee’s handling of the case and, for good cause, can seek the removal or replacement of the trustee. The U.S. Trustee may not, however, serve as the case trustee in Chapter 11. Along with the creditors committees, the U.S. Trustee acts as the primary “watchdog” to ensure compliance with the Bankruptcy Code in cases where no trustee has been appointed.

Accounting staffers within the Trustee’s office review all debtor filings, and monitor trustee and attorney fees in all cases. Attorneys employed by the Trustee represent the office in United States bankruptcy court and pursue civil sanctions for some egregious violations of the law in Chapter 7, 12 and 13 cases.


Executive Office of the U.S. Trustee

The Executive Office of the U.S. Trustee (EOUST) is part of The United States Department of Justice (DOJ). The EOUST is the component of The United States Department of Justice (DOJ) responsible for overseeing the administration of bankruptcy cases and private trustees. The responsibility of the EOUST as the top level office controlling DOJ attorneys who monitor conduct in U.S. Bankruptcy Courts is analogous to that of The Executive Office for United States Attorneys (EOUSA) as responsible for prosecutors (District Attorneys) of the DOJ.

In contract with the EOUSA, the EOUST maintains indirect publicity and refers to its offices as the “U.S. Trustee Program”.


Criminal Referral

When a government attorney working at the EUOST or any of its regional or field offices observes or suspects any criminal activity, it must be referred to a District Attorneyhttp://law.onecle.com/uscode/18/3057.html for investigation and if warranted, prosecution. The official policy of the EOUST is to include a review of such criminal referrals as part of the employee evaluation for each DOJ attorney employeed as a U.S. Trustee.


References


See also

Bankruptcy in the United States.


External links

  • United States Trustee Program home page

February 7, 2008

Trustee in bankruptcy

Filed under: Uncategorized — Tags: , — admin @ 1:21 pm

A Trustee in Bankruptcy, in the United States, is a person who is appointed by the United States Department of Justice or by the creditors involved in a bankruptcy case.

In a Chapter 7 Bankruptcy the trustee gathers the debtor’s non-exempt property, managing the funds from the sale of those assets, and then paying expenses and distributing the balance to the owed creditors.

In a Chapter 13 Bankruptcy the trustee is responsible for receiving the debtor’s monthly payments and distributing those funds proportionally to the bankrupt’s creditors. The Bankruptcy Trustee will act on behalf of the debtor to guarantee that both the creditors’ and the debtor’s interests are maintained in accordance with the bankruptcy laws, and will often be required to act as a negotiator between the two parties.


External links

  • National Association of Bankruptcy Trustees
  • DOJ U.S. Trustee Program

January 21, 2008

Trustee in bankruptcy

Filed under: Uncategorized — Tags: — admin @ 10:31 am

A Trustee in Bankruptcy, in the United States, is a person who is appointed by the United States Department of Justice or by the creditors involved in a bankruptcy case.

In a Chapter 7 Bankruptcy the trustee gathers the debtor’s non-exempt property, managing the funds from the sale of those assets, and then paying expenses and distributing the balance to the owed creditors.

In a Chapter 13 Bankruptcy the trustee is responsible for receiving the debtor’s monthly payments and distributing those funds proportionally to the bankrupt’s creditors. The Bankruptcy Trustee will act on behalf of the debtor to guarantee that both the creditors’ and the debtor’s interests are maintained in accordance with the bankruptcy laws, and will often be required to act as a negotiator between the two parties.


External links

  • National Association of Bankruptcy Trustees
  • DOJ U.S. Trustee Program

December 30, 2007

Interim trustee

Filed under: Uncategorized — Tags: , — admin @ 9:54 pm

Interim trustee is a term of art in section 701 of the Bankruptcy Code, Title 11 of the United States Code.

When a case under Chapter 7 of the Code is commenced, the United States Trustee immediately appoints an interim trustee for that case. The most important immediate duty of the interim trustee is to conduct the first meeting of creditors (sometimes called the “341 meeting”), at which the bankrupt person is required to appear and respond to questions under oath concerning the person’s assets and debts (see generally ).

If the creditors do not elect some other person qualified to serve as trustee for the case, then the interim trustee becomes the “permanent” trustee. He or she serves as trustee for the duration of the case, but is subject to removal for good cause. In the overwhelming majority of bankruptcy cases, the interim trustee is not replaced, and serves for the entire case.

Chapter 7 trustees are selected by the U.S. Trustee from a “panel” of individuals residing or having offices in the judicial district where the bankruptcy case is filed. Federal law prohibits the U.S. Trustee from requiring the trustee to be licensed as an attorney. Because trustees must be knowledgeable about bankruptcy law and procedure in order to administer their cases, most panel trustees are, however, attorneys who handle their court responsibilities as a complement to their law practices.

The only other legal pre-requisite for the qualification of the interim trustee is the giving of a surety bond to secure compliance with the trustee’s responsibilities in the case. Generally, panel trustees will file a “blanket bond” with the U.S. Trustee’s office which covers all cases in which a particular trustee is serving.


See also

  • Bankruptcy

December 22, 2007

Trustee in bankruptcy

Filed under: Uncategorized — Tags: , — admin @ 3:05 pm

A Trustee in Bankruptcy, in the United States, is a person who is appointed by the United States Department of Justice or by the creditors involved in a bankruptcy case.

In a Chapter 7 Bankruptcy the trustee gathers the debtor’s non-exempt property, managing the funds from the sale of those assets, and then paying expenses and distributing the balance to the owed creditors.

In a Chapter 13 Bankruptcy the trustee is responsible for receiving the debtor’s monthly payments and distributing those funds proportionally to the bankrupt’s creditors. The Bankruptcy Trustee will act on behalf of the debtor to guarantee that both the creditors’ and the debtor’s interests are maintained in accordance with the bankruptcy laws, and will often be required to act as a negotiator between the two parties.


External links

  • National Association of Bankruptcy Trustees
  • DOJ U.S. Trustee Program

December 5, 2007

Interim trustee

Filed under: Uncategorized — Tags: , — admin @ 6:31 am

Interim trustee is a term of art in section 701 of the Bankruptcy Code, Title 11 of the United States Code.

When a case under Chapter 7 of the Code is commenced, the United States Trustee immediately appoints an interim trustee for that case. The most important immediate duty of the interim trustee is to conduct the first meeting of creditors (sometimes called the “341 meeting”), at which the bankrupt person is required to appear and respond to questions under oath concerning the person’s assets and debts (see generally ).

If the creditors do not elect some other person qualified to serve as trustee for the case, then the interim trustee becomes the “permanent” trustee. He or she serves as trustee for the duration of the case, but is subject to removal for good cause. In the overwhelming majority of bankruptcy cases, the interim trustee is not replaced, and serves for the entire case.

Chapter 7 trustees are selected by the U.S. Trustee from a “panel” of individuals residing or having offices in the judicial district where the bankruptcy case is filed. Federal law prohibits the U.S. Trustee from requiring the trustee to be licensed as an attorney. Because trustees must be knowledgeable about bankruptcy law and procedure in order to administer their cases, most panel trustees are, however, attorneys who handle their court responsibilities as a complement to their law practices.

The only other legal pre-requisite for the qualification of the interim trustee is the giving of a surety bond to secure compliance with the trustee’s responsibilities in the case. Generally, panel trustees will file a “blanket bond” with the U.S. Trustee’s office which covers all cases in which a particular trustee is serving.


See also

  • Bankruptcy

November 26, 2007

Trustee in bankruptcy

Filed under: Uncategorized — Tags: , — admin @ 3:41 am

A Trustee in Bankruptcy, in the United States, is a person who is appointed by the United States Department of Justice or by the creditors involved in a bankruptcy case.

In a Chapter 7 Bankruptcy the trustee gathers the debtor’s non-exempt property, managing the funds from the sale of those assets, and then paying expenses and distributing the balance to the owed creditors.

In a Chapter 13 Bankruptcy the trustee is responsible for receiving the debtor’s monthly payments and distributing those funds proportionally to the bankrupt’s creditors. The Bankruptcy Trustee will act on behalf of the debtor to guarantee that both the creditors’ and the debtor’s interests are maintained in accordance with the bankruptcy laws, and will often be required to act as a negotiator between the two parties.


External links

  • National Association of Bankruptcy Trustees
  • DOJ U.S. Trustee Program

November 15, 2007

Trustee in bankruptcy

Filed under: Uncategorized — Tags: — admin @ 8:51 am

A Trustee in Bankruptcy, in the United States, is a person who is appointed by the United States Department of Justice or by the creditors involved in a bankruptcy case.

In a Chapter 7 Bankruptcy the trustee gathers the debtor’s non-exempt property, managing the funds from the sale of those assets, and then paying expenses and distributing the balance to the owed creditors.

In a Chapter 13 Bankruptcy the trustee is responsible for receiving the debtor’s monthly payments and distributing those funds proportionally to the bankrupt’s creditors. The Bankruptcy Trustee will act on behalf of the debtor to guarantee that both the creditors’ and the debtor’s interests are maintained in accordance with the bankruptcy laws, and will often be required to act as a negotiator between the two parties.


External links

  • National Association of Bankruptcy Trustees
  • DOJ U.S. Trustee Program

July 19, 2007

Trustee in bankruptcy

Filed under: Uncategorized — Tags: , — admin @ 4:10 pm

A Trustee in Bankruptcy, in the United States, is a person who is appointed by the United States Department of Justice or by the creditors involved in a bankruptcy case.

In a Chapter 7 Bankruptcy the trustee gathers the debtor’s non-exempt property, managing the funds from the sale of those assets, and then paying expenses and distributing the balance to the owed creditors.

In a Chapter 13 Bankruptcy the trustee is responsible for receiving the debtor’s monthly payments and distributing those funds proportionally to the bankrupt’s creditors. The Bankruptcy Trustee will act on behalf of the debtor to guarantee that both the creditors’ and the debtor’s interests are maintained in accordance with the bankruptcy laws, and will often be required to act as a negotiator between the two parties.


External links

  • National Association of Bankruptcy Trustees
  • DOJ U.S. Trustee Program

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