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LSDefine

Simple English definitions for legal terms

trustee in bankruptcy

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A quick definition of trustee in bankruptcy:

A trustee in bankruptcy is a person who is responsible for managing the assets and debts of someone who has filed for bankruptcy. They make sure that the person's creditors are paid as much as possible and that the person's assets are distributed fairly. Think of them like a referee in a game, making sure everyone plays by the rules and gets what they're owed.

A more thorough explanation:

Trustee in Bankruptcy

A trustee in bankruptcy is a person appointed by a court to manage the assets and debts of a bankrupt individual or business. The trustee is responsible for selling the assets of the bankrupt entity and distributing the proceeds to creditors according to the priority of their claims.

When a person or business files for bankruptcy, a trustee is appointed to oversee the process. For example, if a business goes bankrupt, the trustee may sell off its assets, such as equipment or inventory, to pay off creditors. The trustee may also investigate the financial affairs of the bankrupt entity to determine if any fraudulent activity occurred.

Another example is if an individual files for bankruptcy, the trustee may sell off their non-exempt assets, such as a second home or luxury car, to pay off creditors. The trustee may also work with the individual to create a repayment plan for their debts.

A trustee in bankruptcy is a court-appointed person who manages the assets and debts of a bankrupt entity. They are responsible for selling off assets and distributing the proceeds to creditors. The examples illustrate how a trustee may sell off assets to pay off creditors and investigate financial affairs to ensure no fraudulent activity occurred. The trustee may also work with individuals to create a repayment plan for their debts.

trustee | trustee powers

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this election has the potential to push america further into ultranationalist populism
Dkk
19:42
Maybe, didnt happen last time.
19:42
it was hard to not improve it. google search was terrible due to the ads and seo cheaters with buzz words and alt text
Dkk
19:42
SEO is big money
2016 pushed the conservative party into populism irreversibly
Dkk
19:43
Maybe, but if this is populism, then every election is populist.
19:43
@Dkk: yeah register 1 website and every swinging tom dick and harry calls/emails/texts to 'help with seo'. like bruh, if YOU found it, what i am doing is working
Dkk
19:43
Indeed!
19:48
wasp, i think people are hopeful for a gov who at least attempts to care about the common man
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
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