What Does a Bankruptcy Trustee Do?
Filing for bankruptcy is a multi-step process in clearing your debts. You cannot complete these steps alone. It takes a team of experienced bankruptcy lawyers in Las Vegas and another key player to get your life back on track.
One of these key players is a bankruptcy trustee, one of your biggest allies in getting you a debt-free life.
What is a Bankruptcy Trustee?
A bankruptcy trustee is appointed to you by the United States Trustee when you file for your bankruptcy—Las Vegas or elsewhere. The roles of your trustee varied depending on whether you file for Chapter 7 or Chapter 13 bankruptcy, but there are a few standard responsibilities for each.
The bankruptcy trustee reviews your declaration of bankruptcy, scans for fraudulent charges or other factors that can cease your bankruptcy process, and acts of the intermediary between you and your debtors.
If you file for Chapter 7 bankruptcy, you can turn over the non-exempt property to your bankruptcy trustee, who uses that collateral to pay most or all of your unsecured debts. If you file for Chapter 13, your trustee will be the one to receive your bankruptcy payments, who will, in turn, divide that money to debtors. You can think of a bankruptcy trustee as a personal financial officer, who takes over responsibility and represents you when dealing with creditors.
Bankruptcy trustees are experienced bankruptcy attorneys. It’s important to note, however, while a trustee can help you get out of debt, they can file petitions against your bankruptcy declaration if they suspect fraud on your behalf.
This is why it’s important to have a Las Vegas bankruptcy attorney present. They can ask questions and explain your trustee’s role better than you can, especially during such a stressful time.
Need a Bankruptcy Attorney in Las Vegas, Nevada?
Bankruptcy in Las Vegas, Nevada is a tricky subject best handled by the experts. At Luh and Associates Attorneys at Law, our lawyers in Las Vegas have the expertise and knowledge to get you debt-free
Contact Luh and Associates today for your free consultation.