Ads
related to: what is a chapter 7 trustee
Search results
Results from the WOW.Com Content Network
Chapter 7 of Title 11 U.S. Code is the bankruptcy code that governs the process of liquidation under the bankruptcy laws of the U.S. In contrast to bankruptcy under Chapter 11 and Chapter 13, which govern the process of reorganization of a debtor, Chapter 7 bankruptcy is the most common form of bankruptcy in the U.S. [1]
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.
In limited circumstances, the creditors involved in a bankruptcy case can elect a trustee. In a Chapter 7 Bankruptcy ("Liquidation") 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.
Chapter 7. Often referred to as liquidation, this type of bankruptcy means selling off your non-exempt assets to repay your debt. A trustee oversees this sale. Any remaining unsecured debt (debt ...
The impact of bankruptcy on a HELOC depends on the type of bankruptcy filing (Chapter 7 vs. Chapter 13). In both types of bankruptcy, staying current on HELOC payments is necessary to keep your home.
Each United States Trustee, an officer of the U.S. Department of Justice, is responsible for maintaining and supervising a panel of private trustees for chapter 7 bankruptcy cases. [25] The Trustee has other duties including the administration of most bankruptcy cases and trustees. [26]
Ads
related to: what is a chapter 7 trustee