Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

trustee in bankruptcy

Read a random definition: de diversis regulis juris antiqui

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

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
triplethread
13:30
i shop at giant eagle
ForDizzyDJoy
13:31
How did i miss Fordham and American’s wave and I applied in september 🙃
13:33
Lol UC Davis took me of ED and put me in RD
13:34
surprised I didnt get straight denied
HopefullyInLawSchool
13:34
they emailed you/
HopefullyInLawSchool
13:34
?
13:35
@HopefullyInLawSchool: Yea, I just got it
i just want a cornell ii :(
13:37
yak you will be fucking shit up at cornell this time next year dw
i love u
13:38
love you too bby
glovediedthisishismom
13:42
what if desantis appoints lara trump and matt gaetz to be floridas senators
Dkk
13:42
Sounds good to me
HopefullyInLawSchool
13:43
@glovediedthisishismom: What if he appoint Ym instead?
HELP
every damn opportunity
13:47
do schools straight reject people from ed or to they always ed-rd if its a no for ED?
HopefullyInLawSchool
13:48
Some schools rject
13:49
Thanks! I couldn't find any reddit thread about it lol
13:49
but just means now I have to wait for the rejection from Davis
glovediedthisishismom
13:53
i just wanna rock
glovediedthisishismom
13:53
bodyadaya
13:53
let it rock
14:17
How are the vibes heading into thanksgiving yall?
HopefullyInLawSchool
14:17
@Law-Guy Im feeling kinda happy I applied YM to UCI hoping it helps (:
Wanna give some head
soap
14:18
Cornell
14:19
@HopefullyinLawSchool What's YM?
14:19
oh no
LSD+ is ad-free, with DMs, discounts, case briefs & more.