Monthly Archives: March 2017

Functioning Of A Bankruptcy Trustee Under Chapter 13

Bankruptcy Trustee Under Chapter 13

A lot of people are not aware of the role that a trustee plays in case of a filing under Chapter 13. If you plan to do so in the times to come, then you must find out about the role that is played by a trustee in Gatineau (Syndic faillite Gatineau) for you go ahead with the filing. The importance of skilled and competent trustees has been reported by renowned sites such as Forbes.com. The truth is that unless and until the trustee in a filing under Chapter 13 is a true expert on relevant laws the ends of justice can’t be met no matter what.

A trustee has a very tough and responsible job at hand. A trustee under chapter 13 is responsible not only to the debtor but also to all the creditors. It is a part of the trustee’s job to see to it that all creditors get the legally due sum of money that is attained after the disposal of debtor’s asset. At times it is tough to judge and assess whether a certain asset should be put in the category of disposable assets or not. If the trustee is not fully aware of the exact rules and laws in this regard, then the rights of all parties will be infringed.

A trustee who has a lot of experience if aware of the exact ways and means that need to and in order to assess the legal status of all the assets of the debtor. He is also fully aware of the exact way to divide the sums that are obtained after disposing assets among the creditors. The obvious thing is that the rules regarding division will be brought under light only if the number of creditors is more than one. All in all a trustee is a must in such a filing.