Every time one files for bankruptcy a comprehensive list of all information concerning the case is registered on a petition for the court's trustee do examine. Generally the person filing the bankruptcy will provide his or her attorney with all the information and elements needed for the bankruptcy court.
No bankruptcy can be filled if the information on the petition is inaccurate, and the bankruptcy attorney is assuming that what the client has provided is a complete and accurate list.
The trustee will then go through the information and verify any possible inexactness and elements of fraud. The trustee is there to make sure that the creditors are being dealt with justly and that all possible non-exempt assets are sold to ensure debt pay off.
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Trustees will also be present at all creditor meetings, and can discharge of debt, if they find that the creditors have fraudulent intentions. All matters relating to money management and budget planning dictated by new bankruptcy laws are also taken care of by the trustee, who will ensure the client is going through all necessary procedures and providing all required information.
Bankruptcy lawyers are specialized in bankruptcy cases and work alongside with trustees in order to take care of all the paperwork the trustee may need. Should there be any doubts whether the trustee is handling the case fairly, it will be up to the bankruptcy lawyer to deal with these. This is why a bankruptcy attorney is fundamental in all bankruptcy filings. You need a qualified person who will know what has to be done and what can be done to help your case, something no private individual can possibly be aware of.
Each bankruptcy case is dealt with differently, and the trustee's role will differ accordingly. With bankruptcies filed in Chapters 7, 13 or 11, which usually deal with businesses, the trustee will have to verify the actual value of any listed asset and will protect the creditors' interests by ensuring there are no fraudulent claims, and that the assets will pay for the debts.
In bankruptcy cases under Chapter 13, the trustee will oversee the proceedings, while making sure that the creditors he is representing will receive their payments following the court's plans.
Most people think that trustees actually work for the creditors and that they are not being fair to the debtor. This is not the case, for the trustee is there in most cases, simply to deal with the liquidation of assets and to distribute the money for paying off the debts. The trustee's role may also be purely administrative if there are no assets to liquidate and money to hand out.
If you are worried about the trustee's role, this is where your attorney steps in. He or she will be verifying that all proceedings are fair and that the law is being respected. This is why it is essential you seek advice and help from a professional in financial and bankruptcy procedures.
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