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LSDefine

Simple English definitions for legal terms

bankruptcy trustee

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A quick definition of bankruptcy trustee:

A bankruptcy trustee is a person who is chosen by the court to manage a person's money and property when they file for bankruptcy. The trustee's job is to make sure that the person's debts are paid as much as possible by selling their property or creating a payment plan. The trustee cannot make decisions without the court's permission. The trustee's duties depend on the type of bankruptcy case, but they always work to help the person pay their debts and get back on track financially.

A more thorough explanation:

A bankruptcy trustee is a person appointed by the court to manage the assets and debts of a debtor in a bankruptcy proceeding. The trustee's role is to oversee the debtor's estate and make recommendations to the court about various debtor demands. However, the trustee cannot act without the approval of the court.

The duties of a bankruptcy trustee vary depending on the type of case. In a Chapter 7 case, the trustee's role is to sell the nonexempt property and distribute the proceeds to creditors. In a Chapter 11 case, the trustee's role is to reorganize the debtor's business obligations, debts, and assets to emerge from bankruptcy and continue operation. In a Chapter 13 case, the trustee's role is to receive the debtor's monthly payments and distribute them to creditors on a payment plan.

For example, if a person files for Chapter 7 bankruptcy, the trustee will evaluate the debtor's assets and determine which ones can be sold to pay off creditors. The trustee will then manage the sale of those assets and distribute the proceeds to the creditors. In a Chapter 11 case, the trustee will work with the debtor to create a plan to reorganize their business and pay off debts over time. In a Chapter 13 case, the trustee will receive the debtor's monthly payments and distribute them to creditors according to a payment plan.

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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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