U.S. Trustees
A San Jose bankruptcy attorney blogs about United States Trustees.
A U.S. Trustee is appointed by the U.S. Justice Department and are responsible for supervising bankruptcy cases. Their duties include taking actions to gather funds by liquidating qualified assets of the debtor and dispersing them to a range of creditors. Also, when two parties have a conflict within the bankruptcy process, a U.S. Trustee will usually step in and delegate or negotiate between the parties. To become a U.S. Trustee, applicants must submit an application through the Justice Department. U.S. Trustees are usually required to have at least 5 years experience in tax law, accounting, or some type of credit counseling. They cannot have filed bankruptcy for themselves within the last 7 years. They must also comply with and participate within a complete background check and become bonded. After sitting through an interview and receiving appointment to sit on a bankruptcy panel for one year, U.S. Trustees then have the opportunity to serve as an interim trustee. During most cases, the interim trustee stays on the case and eventually becomes the permanent trustee. Upon completion of all trustee duties, a U.S. Trustee is allowed to collect their fees. They can only collect 25% of the first $5000 dollars collected in funds, and 10% for the next $45,000 dollars collected, and so on.
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