Florida Bankruptcy – Who is the Bankruptcy Trustee and What are his/her Duties?

The bankruptcy trustee is what I would like to consider the referee of your bankruptcy filing.  The trustee has certain duties including: making sure your bankruptcy petition is prepared correctly, reviewing your assets (specifically valuations), and reviewing your case to determine whether or not you have committed any fraud and or have any assets that are not exempt and can be sold for the benefit of creditors.

The trustee’s primary duty is to find assets, specifically assets that are non-exempt so that the trustee can take and sell/liquidate your assets for the benefit of your unsecured creditors.  Examples of assets that a trustee can/will take from a debtor include cars, tax returns, monies in the bank, and personal injury lawsuits.  It is imperative to have an attorney that understands bankruptcy to represent you, so that you will likely not have any assets that the trustee will liquidate.

The trustees get compensated (paid) for administering your case.  They get paid for selling your assets and turning over the money to your creditors.

It is in your best interest to seek a qualified bankruptcy lawyer to represent you when you file for bankruptcy so as not to have any of your assets administered by the bankruptcy trustee.  If you would to schedule a consultation with a Miami Bankruptcy lawyer please contact Shmucher Law, PL at 954.309.5559 or 305.741.5553.  We have five offices located in Boca Raton, Fort Lauderdale, Miami, Plantation, and Sunrise Florida to serve you.

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