Bankruptcy in Brief

             a service of the Moran Law Group

Bankruptcy trustee:  

The court appointed official who administers the debtor's bankruptcy estate.  

A Chapter 7 trustee liquidates non exempt property and distributes it according to the scheme of priorities in the Code;   the trustee also considers whether there are preferences or fraudulent transfers that can be recovered from which creditors can be paid.  The trustee may bring a motion to dismiss the case as an abuse of the bankrutpcy system or to deny the debtor a discharge if the trustee finds evidence of fraud, perjury, or ineligibility.

 A Chapter 13 trustee reviews the debtor's plan and collects and distributes payments made by the Chapter 13 debtor. 

A debtor in possession  is the debtor in a Chapter 11 proceedings; the "DIP" has the powers of the trustee under the Code and the responsibility to act as a fiduciary for creditors.

      More about trustees.

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