Chapter 7 case trustee

Chapter 7 case trustee
USA
Always appointed in Chapter 7 cases as the sole official representative of a Chapter 7 debtor's estate. Case trustees are charged with collecting and liquidating the debtor's non-exempt assets, distributing the proceeds to creditors, investigating the debtor's financial affairs, and other additional duties. They represent the interests of unsecured creditors, and are fiduciaries of secured creditors, as guardian over their collateral.
See also

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

Игры ⚽ Нужно сделать НИР?

Look at other dictionaries:

  • trustee — an agent of the court who manages the property of the debtor for the benefit of the creditors. The court appoints a trustee in most Chapter 7 cases and in Chapter 11 cases when it determines that the debtor s management should not remain in their …   Glossary of Bankruptcy

  • trustee in bankruptcy — trustee in bankruptcy: an officer of the court in whom ownership of a debtor s property is vested for the benefit of the creditors and who administers the property for the purpose of making payments to the creditors according to the priority of… …   Law dictionary

  • Chapter 7 trustee — a person appointed in a Chapter 7 case to represent the interests of the bankruptcy estate and the unsecured creditors (Glossary of Common Bankruptcy Terms) A person appointed in a chapter 7 case to represent the interests of the bankruptcy… …   Glossary of Bankruptcy

  • Chapter 13 trustee — A person appointed to administer a chapter 13 case. (A chapter 13 trustee s responsibilities are similar to those of a chapter 7 trustee; however, a chapter 13 trustee has the additional responsibilities of overseeing the debtor s plan, receiving …   Glossary of Bankruptcy

  • Chapter 7 — liquidation proceedings; generally assets are sold by a trustee and the company ceases operation. Individuals may file Chapter 7 also (Glossary of Common Bankruptcy Terms) A liquidation proceeding available to individuals, married couples,… …   Glossary of Bankruptcy

  • Chapter 7 bankruptcy — A consumer liquidation bankruptcy proceeding in which the trustee sells any nonexempt property the debtor owns and distributes the proceeds to the debtor s creditors. At the end of a Chapter 7 case, many or all of the debtor s debts are… …   Law dictionary

  • Chapter 7, Title 11, United States Code — Bankruptcy in the United States Bankruptcy in the United States Authority · History U.S. Trustee Court  …   Wikipedia

  • Chapter 13, Title 11, United States Code — Bankruptcy in the United States Bankruptcy in the United States Authority · History U.S. Trustee Court  …   Wikipedia

  • Chapter 11, Title 11, United States Code — Bankruptcy in the United States Bankruptcy in the United States Authority · History U.S. Trustee Court  …   Wikipedia

  • Chapter 9, Title 11, United States Code — Bankruptcy in the United States Bankruptcy in the United States Authority · History U.S. Trustee Court  …   Wikipedia

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”