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LSDefine

Simple English definitions for legal terms

bankruptcy trustee

Read a random definition: Fraudulent Transfer Act

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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Thespinelessspinnerspinnedspinepriortopervingpines
19:50
scream
CheeseIsMyLoveLanguage
19:56
I'm totally riding the Roomba when I become a cat. And knocking shit over, just because cats can be assholes like that and get away with it. And then I'll be cute. 😸
20:08
I was a dog in my previous life. That's why I like to chew on bones when I eat porterhouses or ribs or chicken.
CheeseIsMyLoveLanguage
20:09
I would totally fuck up a porterhouse or some ribs. 🤤 (I had chicken for lunch)
20:25
Thinkin bout running an underground kitchen whilst in law school. Would you guys buy from me?
21:24
I used to grill for my friends or make beer or soup or risotto so I say do it.
21:35
Fk it, what are they gon do if they get sick, sue me? They are just wanna bees until they pass the bar >:D
21:36
No rare steak tho. Aint no 'drag it thru the kitchen, wipe it's ass, and pin a rose on it' nope. Cannot have customers gettin sick.
21:55
How hard to get from 165 to 170?
22:10
depends. are you scoring lower on your Lr or RC
22:17
@MrThickRopes: probably like 30 more days of studying daily.
22:21
Playing bingo rn, wish me luck!
22:21
Higher on LR
22:21
My highest PT was 168
22:21
Ahh dude easy extra points through LR.
22:22
They are there, its just a cost vs time question depending on A's or R's.
22:24
I might sign up for June LSAT
22:24
Just in case
22:25
Just in case I decide to retake
CheeseIsMyLoveLanguage
22:31
Bingo always reminds me of the scene in Girl, Interrupted, where they were calling SSNs for the draft and one of the patience said “bingo” after each SSN.
@170+ scorers what tutoring company or prep company did you use?
23:18
Y'all should hit up @crabbyapple if you want a 170+
23:22
I didn't study before I got a 165 maybe I study a bit get a 170
Can @crabbyapple actually help
23:50
Probably. She helped me once.
23:55
You think people are going to bully me in law school if I pull my pants down all the way to pee in the urinal?
crabapple
23:56
If you have a question you can ask in chat and people here are happy to help
crabapple
23:57
I'm kinda at capacity for clients at the moment tbh but can help with individual questions or general strategy advice
0:07
Have you read any books or too busy with work?
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