Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

bankruptcy trustee

Read a random definition: de continuando assisam

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.

bankruptcy proceedings | bar

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
1a2b3c4d26z
15:49
Or sorry, Tue. Dec., 2?
@HopefullyInLawSchool: UR SO FUNNY HAHAHHAA
@AcousticUnequalYak: I feel both happy n nervous about my app. Got decent A's and a YLS II but missing some others. My PS was about overcoming some personal struggles through college. Starting to wonder if it's a little controversial
i called she wasnt asking my lsac number i think i overshared in the begg so she didnt need but but i was like PLSSS ASK FOR IT she was super nice and was like 8-10 weeks from when it was complete and stuff
impartial you are doing betterr than me nyu uva and yale ii you are chillin
1a2b3c4d26z
15:51
@JazzyGazelle: also why tf did they keep telling you it would come out sooner
15:52
Yes supposedly by next tuesday IF they're actually being accurate this time. During the call yesterday afternoon they said they can't PROMISE my decision will be out, but that they will basically have a wave before next wed (since thanksgiving break happens). Dean was the one who kept changing the dates on me, I think they just had a HUGE number of applications that they didn't really expect.
HopefullyInLawSchool
15:52
@ImpartialLion: Im not even going to a t14 because I cant get in, you got this
1a2b3c4d26z
15:53
Oh okay, that makes sense. All credit to them, they're dealing with a billion apps probably. Not an easy job at all. I'll wait patiently :)
JumpySubsequentDolphin
15:53
I just realized my hair cream has glitter in it wtf
Truly appreciate all the kind words! I'm neurotic as hell (prbly not a surprise) and I feel like a bozo complaining
JumpySubsequentDolphin
15:53
my whole hand is soarkly
JumpySubsequentDolphin
15:53
what is this
Missing Chicago, Cornell and HLS II invites makes me crazy nervous tho
@Jazzy what school? also what hair cream dolphy tht sounds so cute.
did anyone in chat apply to Knight hennessy?
@ImpartialLion: I would take your situation over mine lmao
you are having a great cycle thus far
@SplitterusClitterus: No, because I thought I had zero chance at it. Kinda regretting it, but whatever
both you and texas are big ballin i am tweaking cuz i only have gulc rn
i know thats neurotic too
all relative
We're all neurotic, but that's what makes this site great
Thanks btw Tx! Idk tho, your situation seems stable. Hitting all the important II invites and moving along
babycat
15:56
KH deadline is Dec 1st right?
it was oct 8th but to apply to the law school its dec 1
did u apply?
@ImpartialLion: I missed the NYU wave though and no YLS invite
I am sure we will all get into great places
I feel like NYU will come with time and it's a mess due to app increases. YLS is such a weird invite tho. 30% conversion rate
LSD+ is ad-free, with DMs, discounts, case briefs & more.