Bankruptcy Trustee
Bankruptcy Trustee
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How Does the Bankruptcy Trustee Get Paid?
When you file for bankruptcy relief, the court appoints a bankruptcy trustee to review your paperwork and oversee your bankruptcy. The trustee is entitled to compensation for administering your case. But how the trustee gets paid depends on whether you filed for Chapter 7 or Chapter 13 bankruptcy.
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The Role of the Chapter 7 Bankruptcy Trustee
When you file for Chapter 7 bankruptcy, the court assigns a bankruptcy trustee to your case. The Chapter 7 bankruptcy trustee handles the case until it's closed, which usually takes about four months but could be as much as a year. During that time, the trustee evaluates your financial condition, sells property, investigates assets that could be liquidated for creditors, and more.
Common Questions About The Bankruptcy Trustee
Common Questions About The Bankruptcy Trustee
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Can a Jointly Owned Car be Seized in Chapter 7 Bankruptcy?
Question I want to file a Chapter 7 bankruptcy, but I have a car titled in my name that is used by my daughter who is in college. The car was titled in my name because she did not have the credit to get the car loan on her own. Will I lose the car in the Chapter 7 bankruptcy, even though it really belongs
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Bankruptcy Preference Payments to Creditors
In bankruptcy, a preference payment occurs when you repay a creditor within a certain period of time before you file for bankruptcy. If you make a preference payment (also called a preferential transfer), your bankruptcy trustee may be able to get the money back from the person or business you paid.