,

Who is a bankruptcy case trustee?

A bankruptcy trustee is appointed in all Chapter 7, 12, and 13 cases and in some Chapter 11 cases. The trustee administers the bankruptcy estate and presides at the first meeting of creditors (also called the “section 341 meeting”). In a Chapter 7 case, the trustee liquidates the debtor’s non-exempt assets by collecting and selling […]

What are the bankruptcy chapters?

The Bankruptcy Code is divided into several chapters. When a debtor files a case, the debtor elects the chapter under which he or she will proceed. The different chapters have varying procedures for repayment of debt and obtaining a discharge. Chapter 7: Often called the “liquidation chapter,” Chapter 7 is used by individuals and non-individuals […]

What is bankruptcy?

“Bankruptcy” refers to a national set of laws (the “Bankruptcy Code,” which is codified in Title 11 of the United States Code), designed to help certain individuals and businesses reorganize their financial affairs to achieve a fresh start.  Bankruptcy laws give the debtor protection and benefits that are generally not available outside of bankruptcy.  Most […]