Elton Jenkins Law, P.L.L.C.

Bankruptcy trustees handle many aspects of Chapter 7

When working toward debt relief, Oklahoma residents will have a number of people involved in their cases. Filing for Chapter 7 bankruptcy is a significant step, and in order to complete the process successfully, individuals taking this route will need to work with bankruptcy trustees. These parties have a vital role in handling aspects of these cases.

After a petition for Chapter 7 is filed, a trustee is randomly assigned to a case. This is an unbiased party who will have no personal stake in the outcomes of the bankruptcy case. The trustee will review the bankruptcy petition and other related documents to ensure that the information is correct, and he or she will also look for any signs of fraud. Ensuring the correctness of the information could prevent issues later.

Additionally, because Chapter 7 is liquidation bankruptcy, the trustee has the responsibility of collecting any non-exempt assets for auction. The trustee will then take the proceeds and distribute the funds to the applicable creditors in order of priority. In the event that the trustee believes that a petitioner fraudulently transferred funds in efforts to keep them out of creditors' reach, the trustee could work to have those funds returned.

As this information shows, a bankruptcy trustee will play a significant role in any Chapter 7 case. Of course, working with the trustee should not intimidate Oklahoma residents hoping to find debt relief through bankruptcy. This role is simply part of the overall process. Plus, concerned parties can work with their legal counsel to make sure they understand how trustees will act as part of their cases and to better understand the necessity of this position.

No Comments

Leave a comment
Comment Information

Free consultations are available now to discuss your rights. Call Today: 405-928-8708

Email us for a response

Protect Yourself

Speak with a lawyer today to learn more about your rights.

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Contact Our Firm

115 South Peters Suite 6 A Norman, OK 73069 Phone: 405-928-8708 Fax: 888-342-7754 Norman Law Office Map

contact Brand
Review Us