The Bankruptcy Trustee Duties

Law Office of John Bristol - 1776 N. Pine Island Road, #224, Plantation, Florida 33322 (954) 475-2265

Fort Lauderdale, Florida 33324 Form

Since 1988, Fort Lauderdale Bankruptcy Attorney Center of John Bristol has filed more than 5,000 consumer Chapter 7 and Chapter 13 Bankruptcy Cases in the Fort Lauderdale area (the Southern District of Florida). As a Fort Lauderdale Bankruptcy Attorney; John concentrates his law practice only in Broward County. We offer PAYMENT PLANS and give FREE CONSULTATIONS (954) 475-2265

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When a chapter 7 Bankruptcy is filed, the Chapter 7 Trustee Duties start.

U.S. Bankruptcy Court appoints an impartial case mediator to administer the case and liquidate the debtor's nonexempt assets. 11 U.S.C. §§ 701, 704. If all the debtor's assets are exempt or subject to valid liens, the Trustee duties include filing a "no asset" report with the court, and there will be no distribution to unsecured creditors. Most chapter 7 mediator duties involving individual debtors are no asset cases.

But if the case appears to be an "asset" case, unsecured creditors (7) must file their claims with the court within 90 days after the first date set for the meeting of creditors. Fed. R. Bankr. P. 3002(c). A governmental unit, however, has 180 days from the date the case is filed to file a claim. 11 U.S.C. § 502(b)(9). In the typical no asset chapter 7 case, there is no need for creditors to file proofs of claim because there will be no distribution. If the mediator Duties later recovers assets for distribution to unsecured creditors, the Bankruptcy Court will provide notice to creditors and will allow additional time to file proofs of claim. Although a secured creditor does not need to file a proof of claim in a chapter 7 bankruptcy case to preserve its security interest or lien, there may be other reasons to file a claim. A creditor in a chapter 7 bankruptcy case who has a lien on the debtor's property should consult a Chapter 7 Attorney for advice.

The mediator duties upon commencement of a case creates an "estate." The estate technically becomes the temporary legal owner of all the debtor's property. It consists of all legal or equitable interests of the debtor in property as of the commencement of the case, including property owned or held by another person if the debtor has an interest in the property. Generally speaking, the debtor's creditors are paid from nonexempt property of the estate.

 

Fort Lauderdale Bankruptcy Attorney Center

Law Office of John Bristol

1776 N. Pine Island Road, # 224, Plantation, Florida 33322

(954) 475-2265 - J@Jbristol.com

Attorney John Bristol has filed more than 10,000 Bankruptcy cases in Florida since 1988. We concentrate Now our law practice on Chapter 7 (liquidation) and Chapter 13 (personal reorganization) cases in the Fort Lauderdale, Broward County area

 

 

Short Videos That Explain the Job Of The Bankruptcy Trustee

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1776 N. Pine Island Road, # 224, Plantaton, Florida 33322

Fort Lauderdale, FL. 33324 John Bristol

Serving:
Coral Springs, Dania, Davie, Deerfield Beach, Fort Lauderdale, Hallandale, Hollywood, Lauderhill, Margate, Miramar, Pembroke Pines, Plantation, Pompano Beach, Sunrise, Tamarac

The Law Office of John Bristol,1776 N. Pine Island Road, #224, Plantation, Florida 33322 is a debt relief agency. We help people file for relief under the Bankruptcy Code.

The primary role of a chapter 7 bankruptcy Court duties 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. The mediator accomplishes this by selling the debtor's property if it is free and clear of liens (as long as the property is not exempt) or if it is worth more than any security interest or lien attached to the property and any exemption that the debtor holds in the property. The trustee duties include attempt to recover money or property under the trustee's "avoiding powers."

The Court's avoiding powers include the power to: set aside preferential transfers made to creditors within 90 days before the petition; undo security interests and other before filing petition transfers of property that were not properly perfected under non-bankruptcy law at the time of the petition; and pursue non-bankruptcy claims such as fraudulent conveyance and bulk transfer remedies available under state law. In addition, if the debtor is a business, the bankruptcy court may authorize the trustee to operate the business for a limited period of time, if such operation will benefit creditors and enhance the liquidation of the estate. 11 U.S.C. § 721.

The Law Office of John Bristol

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The Law Office of John Bristol, 1776 N. Pine Island Road, #224, Plantation, Florida 33322 is a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code. Disclosure: The hiring of a lawyer is an important decision that should not be based solely on advertising. Before you decide please ask us for information concerning out qualifications and experience
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Law Office of John Bristol
Email: j@jbristol.com
Phone: (954) 475-2265
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