The trustee is the person who is appointed by the court to oversee and manage the applicability of Chapter 7 Bankruptcy or Chapter 13 Bankruptcy San Antonio. He will be the official who can interact between your attorney and the attorney of your creditors. The federal and state governments in the USA have defined certain roles and responsibilities for the trustee. It is a good practice for you to understand some of the most important parameters related to the trustee.
Bankruptcy San Antonio – What does a Trustee do
A trustee has taken over many of the responsibilities of the judge in your district court for the implementation of Bankruptcy San Antonio regulations. It is to reduce the workload of the judge. It is also for improving the court efficiency and increasing the speed of proceedings and the final verdicts.
Overseeing the debtors and assets owned is the primary responsibility of the trustee. He will inspect your assets and verify your claim in the petition form. If the claims are correct, he can recommend the court to discount or waiver the debts based on your financial conditions.
A trustee can recommend you to discharge you from the Bankruptcy San Antonio and set you free. Then you don’t have to pay anything to your debtors. The trustee can also recommend the liquidation of your assets if their value is greater than the maximum limits set by him.
Chapter 13 Bankruptcy San Antonio – Estate Information
A trustee undertakes the inspection of your real estate property which includes non-residential buildings, farms, industrial establishments, etc. he has to evaluate the property value based on the present market.
He can compare the net debt value with the net property value. If the assets have more value than the debt, he can liquidate the towing San Antonio and distribute the money among your creditors. Otherwise, he has to set a maximum value for the debt value.
The trustee can also evaluate the value of your business assets, goodwill, customer trust, and the prospect of growth. If he finds them to be higher in the future, he may recommend the implementation of recovering the debts in installments. In such cases, you don’t need to lose your property due to liquidation.
Chapter 7 Bankruptcy San Antonio – Liquidation Options
In some cases, you may have regular sources of income to repay the debts. But your assets may have the value to repay the debts partly or fully. Then you have to consult your attorney for the liquidation of a part of your property. The trustee can distribute the money among your creditors. You can still retail personal assets like your residential home, car, household things, and accessories.
Bankruptcy San Antonio – Fee for Trustee
The state and federal governments pay the fee of the trustee in part. You and the creditors should pay the other part of his fee. You may apply for exemption from the fee payment if you can’t afford it.