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LSDefine

Simple English definitions for legal terms

bankruptcy trustee

Read a random definition: Sonny Bono Copyright Term Extension 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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JumpySubsequentDolphin
10:42
also yeah Arabs are like perpetually vit d deficient. we get those big bulk pill bottles for everyone in my family
GreyCeaselessMammoth
10:43
that's so interesting, i have a lot of arab family but i haven't heard of that
GreyCeaselessMammoth
10:43
i guess it makes sense
JumpySubsequentDolphin
10:43
@shaquilleoatmeal: I still think that would hurt my stomach
lilypadfrog
10:43
@shaquilleoatmeal: quarterly is crazy I haven’t gotten a physical in over three years
PuppyBot
10:43
median vitamin D intakes of American blacks are below recommended intakes in every age group, with or without the inclusion of vitamin D from supplements.
JumpySubsequentDolphin
10:43
@GreyCeaselessMammoth: NO WAY!! from where mammoth
GreyCeaselessMammoth
10:44
egypt! wa usratik mineyn?
indian people are also vitamin d deficient lolol
cumsock
10:44
i want a burgerrrrrrrrrr cheesy burger double patty bacon pickles
10:44
i am vitamin d deficient lol
PuppyBot
10:44
no pickles
JumpySubsequentDolphin
10:45
@GreyCeaselessMammoth: I LOVE EGYPTIAN ARABIC IT KILLS ME
JumpySubsequentDolphin
10:45
im palestinian
shaquilleoatmeal
10:45
@lilypadfrog: lmao, i get vo2 testing done at a lab and they offer it so i just do it. Also wtf havent u gotten a physical in so long?!
GreyCeaselessMammoth
10:45
JUMPYYYY we're neighbors!!
cumsock
10:45
what if ur irish and u are pale enough to reflect light does that mean ur deficient
@GreyCeaselessMammoth: i eat mostly whole foods now on my day to day and its the best
PuppyBot
10:45
maybe. i also burn. so i dont get how im deficient
GreyCeaselessMammoth
10:46
well i'm white but my stepdad is egyptian so i've been there a bunch and raised in a multi-gen egyptian household
10:47
Bio Chemistry is odd, some ppl just cannot absorb certain nutrients/vits. Like some calcium deficient ppl actually loose more calcium when they increase intake.
10:48
also some ppl are hyper sensitive to hormones/vit/nutrients.
JumpySubsequentDolphin
10:48
@GreyCeaselessMammoth: love my masris
JumpySubsequentDolphin
10:48
@PuppyBot: I burn bad i don’t get it either
cumsock
10:49
i burn worse
shaquilleoatmeal
10:49
deficiencies are one thing, what scares me the most is if i ever became antibiotic resistant
GreyCeaselessMammoth
10:50
i'm going again to egypt this summer, i think it'll be my last time for a while, at least until after law school
PuppyBot
10:50
i wonder if renard is going to get me that snowglobe from paris
GreyCeaselessMammoth
10:50
@JumpySubsequentDolphin: my cousins wife is palestinian, their wedding was so cool. it was neat learning about the palestinian wedding traditions
PuppyBot
10:50
prob not :/
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