Hi there, I am Aiden Muzzel. I am well versed in bankruptcy proceedings, so I would like to share my knowledge with you through my site. I started my adult years with minimal knowledge of money management. As a result, I ended up way over my head in debt. I was working two jobs and paying all of my income to the debt accounts without making a dent in the total. It turns out I was simply paying late fees and interest with my funds. I sought out legal representation to learn more about how bankruptcy could help me end the cycle and start over. My bankruptcy attorney helped me fill out paperwork, file documents and attend court proceedings. Within a year, the judge discharged the eligible debt accounts. I hope to explore bankruptcy in more detail on my website. I hope you come back soon to learn more.
Knowing the person charged with overseeing your bankruptcy is crucial, since their actions and even the way they are compensated could affect your chapter 7 bankruptcy filing. You may first hear about this person, known as a trustee, when you receive your initial bankruptcy paperwork from the federal court after your filing. Read on to learn about your potential encounters with this trustee and the way they get paid.
Property Inspection
You may not have the opportunity to meet your bankruptcy trustee until your court date, unless you are scheduled for a property inspection. This face-to-face meeting is to allow the inspection and photography of any property that you listed on your bankruptcy forms.
When you declare bankruptcy, you are "declaring" that you don't have the means to pay your debts. The purpose of this visit is to ascertain whether or not you have property that could be liquidated to help pay your creditors. No property will be taken that day, but any noted assets will be scheduled for seizure at a future date. Keep in mind that the amount of your bankruptcy debt and the use of exemptions may allow your bankruptcy to sail through without any loss of property, so speak your bankruptcy attorney to learn more about what you could should be able to keep.
Paying the Trustee
If no property is seized, the trustee will still earn a minimum amount of $60.00 per case. If property is seized, the amount of the trustee's compensation is based on commission of the property when it is sold. As you might imagine, the trustee won't be very interested in any property that cannot be sold or that won't bring much money in for the creditors or for their commission.
The Creditor's Meeting
Your "day" in court for your bankruptcy filing is really more of a very short appearance. Known as the creditor's meeting, you will be asked to appear on a certain date at your nearest federal courthouse to attest to the validity of your bankruptcy paperwork. In most cases, it is not a judge that overseas this meeting, but your trustee. This trustee could also be a judge, but they won't be acting as a judge for the creditor's meeting. You will be questioned briefly, under oath, and it will be over in no time flat.
Your contact with the trustee will be extremely limited, so speak to your attorney to learn more.
Share9 November 2017
