West Palm Beach Bankruptcy Attorney
The United States Trustee Program
When you find yourself in a hard financial position, filing for bankruptcy might be the best answer to your economic problems. If you choose this path, then, as an individual, you have two options for organizing your repayment plan. Individual debtors are allowed to pick from the following:
- Chapter 7 Bankruptcy: The debtor liquidates some of his or her assets for repayment
- Chapter 13 Bankruptcy: The debtor reorganizes his or her repayment plan to make deadlines easier to meet
For those who choose Chapter 7 bankruptcy, a trustee must be appointed to take care of organizing the debtor’s assets into exempt and non-exempt items and selling the non-exempt property in order to repay creditors. For those who opt to go with Chapter 13 bankruptcy, the trustee oversees the debt reorganization process.
Obviously, the selection of a trustee is a very important task (carried out by the bankruptcy court system). The individual that is chosen must be honest and efficient.
About the United State Trustee Program
The Trustee Program was established by the federal government as a stipulation under the Bankruptcy Reform Act of 1978. By 1986, the program had grown to include every federal judicial district except for Alabama and North Carolina. The Attorney General is the head of this program and has the duty of appointing US Trustees and their assistants.
Aside from supervising Chapter 7 and Chapter 13 bankruptcies, trustees also hold the following responsibilities:
- Supervision of Chapter 11 and 12 bankruptcy cases
- Taking legal action in an effort to eradicate and prevent fraudulent or abusive behavior
- Appointing private trustees and creditors’ committees
- Ensuring efficiency and reasonability throughout the bankruptcy process
- Reviewing disclosure statements
- Enforcing the Bankruptcy Code and proper court procedures
Contact Us
If you would like to learn more about the United States Trustee Program, please contact a West Palm Beach bankruptcy attorney of Eric N. Klein & Associates, P.A. today at 561-353-2800.
