The review will include both the petition and schedules and the 521 documents you'll have turned over before the hearing (bank statements, paycheck stubs, profit and loss statements, tax returns, and the like). There are a few “standard tasks” they have to complete in all Chapter 7 bankruptcy cases. (link sends e-mail) 619-463-0555. The trustee presides over the hearing and questions the debtor regarding the information contained in the bankruptcy schedules. 124. COVID-19 Updates: Retirement Accounts; Stimulus Funds; Online Filings. This situation is unusual and most likely to happen when a friend or family member is the creditor and fails to prepare the loan documents properly or fails to record the lien. Ackerman, Leonard. The U.S. Laura J. Genovich - Chapter 7 Trustee. If you have nonexempt property that isn't worth very much or would be cumbersome for the trustee to sell, the trustee can—and often will—abandon the property, which means you get to keep it. Although the trustee must be fair to the debtor, their interests aren’t always aligned. Ms. Genovich administers cases filed in the Kalamazoo area, including counties throughout southwest Michigan. But those are minor duties. Copyright ©2020 MH Sub I, LLC dba Nolo ® Self-help services may not be permitted in all states. The bankruptcy trustee also has certain powers to avoid any preferential transfers or improperly executed security interests. Flan Rico, Inc. Aviacsa S.A. de C.V. Tijuana Produce, Inc. Reyes Wholesale Produce, Inc. Media Design & Marketing, Inc. When a debtor files a Chapter 7 bankruptcy, the court appoints a bankruptcy trustee to oversee and administer the case. However, a Chapter 7 trustee stands to earn much more. You'll meet the Chapter 7 bankruptcy trustee when you appear at your creditors' meeting, which you must attend if you don't want your bankruptcy dismissed. The trustee receives 25% of the first $5,000, 10% of any amount between $5,000 and $50,000, and 5% of any additional money up to $1,000,000. They review and confirm the information contained in the bankruptcy forms. Filing for bankruptcy will erase many bills while keeping most retirement accounts intact. The information provided on this site is not legal advice, does not constitute a lawyer referral service, and no attorney-client or confidential relationship is or will be formed by use of the site. Private trustees under chapters 7, 12, and 13 of the Bankruptcy Code (11 U.S.C. Your use of this website constitutes acceptance of the Terms of Use, Supplemental Terms, Privacy Policy and Cookie Policy. Also, if you have property that you need to turn over, you—or your attorney, if you’re represented—will make arrangements with the trustee to do so. The truth is that the trustee protects creditors, not debtors—although the trustee will be polite and help the case move along. In Chapter 7 bankruptcy, you can keep, or “exempt,” a certain amount of your property, such as household furnishings, clothing, and a qualifying retirement account. Learn more in Laid Off Due to the Coronavirus (COVID-19)? Do Not Sell My Personal Information, Laid Off Due to the Coronavirus (COVID-19)? Check the U.S. Trustee’s 341 meeting status webpage or go to your court’s website for details. The primary role of a chapter 7 trustee in an asset case is to liquidate the debtor's nonexempt assets in a manner that maximizes the return to the debtor's unsecured creditors. (In-person meetings will resume 60 days after the termination of the President’s COVID-19 National Emergency Proclamation.) Learn more about what happens at the 341 meeting of creditors. Chapter 7 has a lasting, long-term effect on a person’s creditworthiness. But those are minor duties. Also, rest assured that you can file safely. What Does a Trustee Do in Chapter 7 Bankruptcy? These trustees are sometimes called panel trustees and are the individuals that are … Role of the Case Trustee When a chapter 7 petition is filed, the U.S. trustee (or the bankruptcy court in Alabama and North Carolina) appoints an impartial case trustee to administer the case and liquidate the debtor's nonexempt assets. The Chapter 7 bankruptcy trustee is also responsible for selling property that the debtor cannot protect, and distributing the funds to creditors. Your use of this website constitutes acceptance of the Terms of Use, Supplemental Terms, Privacy Policy and Cookie Policy. 7 trustees throughout the Central District of California. You'll complete your debtor's education course and wait for your debt discharge. The coronavirus pandemic has impacted millions, but you can still make moves to protect your financial future. COVID-19 NOTICE - LOCATION OF MEETING OF CREDITORS Akers, Greg A. PO Box 26219. Questions about cases in Alabama should be addressed to: The Administrative Office of … When there isn't any property for the trustee to seize and sell to pay your unsecured creditors, then there is no commission to incentivize the trustee. In such cases, the bankruptcy judge will make the final determination. The United States Trustee Program does not administer bankruptcy estates in Alabama at this time. Approximately a month after you file your case, you must attend the 341 meeting of creditors in front of the bankruptcy trustee. Trustee, to assess your bankruptcy papers for accuracy and signs of possible fraud or abuse of the bankruptcy system. In these documents, you’ll disclose personal and financial information about your debts, property, income, and the state of your financial affairs. While such searches are unusual, part of your duty to work with the trustee could consist of a guided tour of your home or storage space upon the trustee's request. The trustee will check your identification, ask mandatory 341 questions (as well as any other potential issues raised by your paperwork), and let any appearing creditors ask questions (they rarely show up). 11 U.S.C. For example, if you state that you make $3,000 a month in your bankruptcy papers, the trustee will compare that against your paystubs to make sure the figure is accurate. 6977 Navajo Road, Ste. The court pays the trustee a commission on the funds distributed to the debtor's creditors. Typically, if all of your assets are exempt, the trustee will conclude the meeting, and you won't hear anything further. For example, no matter how much your used furniture may be worth in theory, many trustees won't bother selling it. In addition to compensation for services, under § 330 (b), trustees in a Chapter 7 case receive $45. The trustee is required, under the supervision of the U.S. Please reference the Terms of Use and the Supplemental Terms for specific information related to your state. Chapter 7 Trustee. In this article, you'll learn about the specific duties of the Chapter 7 bankruptcy trustee so you’ll know what to expect before, during, and after the 341 meeting of creditors—the hearing almost all filers must attend. Learn more about red flags the trustee looks for before the meeting of creditors. The Chapter 7 bankruptcy trustee is also responsible for selling property that the debtor cannot protect, and distributing the funds to creditors. And if you don't cooperate, the trustee can obtain an order from the court to force the issue. What Does A Chapter 7 Bankruptcy Trustee Do? The Chapter 7 trustee reviews the bankruptcy paperwork and checks the debtor's identification. The trustee will go over the paperwork and look for clues that suggest you're hiding or mischaracterizing assets. Back to State Locator ALABAMA. Although your creditors ask you questions during the hearing, unless they feel that you are hiding assets, creditors rarely attend these hearings.