What is the Purpose of the US Trustee?
A San Jose bankruptcy lawyer explains the purpose of the US Trustee...
The US Trustee plays a key role with regard to the bankruptcy process, whether it is a Chapter 7 bankruptcy (liquidation, aka the Fresh Start), a Chapter 13 bankruptcy filing (a portion of the debt is paid back, some assets are kept), or a Chapter 11 bankruptcy petition (aka a restructure). The US Trustee performs different tasks depending on which of these bankruptcies are brought forth and works within the guidelines outlined by the United States Bankruptcy Code.
The purpose of the US Trustee is to manage the aspects involved with regard to the debtor’s estate and assets. The US Trustee examines and makes determinations that sometimes include selling the debtor assets and answering debtor demands. The reason the US Trustee might manage the sale of debtor assets would be to pay off creditors.
It is required that the debtor be open and honest when working with their US Trustee so that all aspects of their bankruptcy may be properly evaluated in the best interest of all parties involved.
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