What does a Trustee do and why are they needed?
When an individual files for bankruptcy the first thing that happens is that the case gets assigned to a trustee. The trustee is an attorney that works with the court and with the judge to essentially administer the estate of the debtor. The trustee is a very powerful individual. In a chapter 7 bankruptcy the trustee steps into the shoes of the individual. He takes over all of your assets. He decides which assets have to be sold, liquidated and he decides which debts have to be discharged and he reports to the court his findings for a final determination on your discharge.
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This educational blog post was brought to you by the Masini Law Group, P.C., experienced Bankruptcy Lawyers with offices on Long Island and New Jersey.