What Do Bankruptcy Trustees Do?

by: Attorney Noyes

6/5/20241 min read

Bankruptcy trustees play a crucial role in the bankruptcy process. They ensure that the proceedings run smoothly and fairly for all parties involved. Here's a closer look at their responsibilities.

1. Reviewing Paperwork: Trustees review all the bankruptcy documents you file. They verify the accuracy of your financial information and ensure everything is in order.

2. Managing Assets: Trustees manage and sell any non-exempt assets. The proceeds are used to pay off creditors as much as possible.

3. Conducting Meetings: Trustees conduct the 341 meeting, also known as the meeting of creditors. During this meeting, they ask you about your financial situation and your submitted documents.

4. Distributing Payments: Trustees are responsible for distributing payments to creditors. They prioritize payments according to the rules of bankruptcy law.

5. Ensuring Compliance: Trustees make sure you comply with all bankruptcy requirements. This includes attending required courses and submitting necessary paperwork.

At Noyes & Associates, we understand the intricacies of working with bankruptcy trustees. Our experienced attorneys can guide you through the process and ensure you meet all requirements.

If you are considering bankruptcy and need expert advice, contact Noyes & Associates today. We're here to help you navigate this challenging time with confidence and support.