CALL NOW!
FREE PHONE/VIRTUAL CONSULTATION

What You Need to Know About a Bankruptcy Trustee

Filing for bankruptcy requires giving up a great deal of control over your finances. However, if you are struggling enough to consider bankruptcy, chances are you don’t feel all that much in control as it is. Bankruptcy just means another person will take over the management of your money, at least on a temporary basis. This person is known as the bankruptcy trustee.

Bankruptcy trustees are in charge of administering your bankruptcy. They are usually attorneys or accountants who act as officers of the court. Despite being considered neutral, they are primarily working for the creditors to whom you owe money. Trustees are required to abide by rules and laws governing bankruptcy, and must ensure there is no conflict of interest that would call his or her integrity into question.

The role of the trustee varies based on whether you file for Chapter 7 or Chapter 13. This is due in part to the fact Chapter 13 is a longer term process that includes a payment plan managed over time by the trustee. Trustees follow your case from beginning to end and if there are any changes in your financial situation that affects your bankruptcy, you will need to report this information to the trustee.

Bankruptcy Trustees and Bankruptcy Attorneys are Different

Your bankruptcy attorney works for you. He or she provides guidance and represents you in court. The goal of your bankruptcy attorney is to look out for your best interest and ensure your bankruptcy goes smoothly for you.

The trustee must also ensure the bankruptcy goes smoothly, but he or she is concerned with the process, not necessarily your best interest. The trustee focuses on distributing funds to your creditors, while also ensuring your bankruptcy is within the law. Trustees want everyone to be treated fairly, but first and foremost, work to gather as much money as possible for your creditors.

Sharing Information with the Bankruptcy Trustee

You will be asked to provide information to the bankruptcy court, and therefore the bankruptcy trustee, related to your case. This includes your current earning situation, information about your debts, information about your assets and their value, and any additional information that could affect how your bankruptcy is handled.

One of the most important things to remember when you decide to file for bankruptcy is that the trustee assigned to your case intends to recoup as much money as possible on behalf of your creditors. Trustees in Chapter 13 cases even earn a percentage of what they collect during your case, so it is in their personal interest to get as much money as possible from you to put toward your debts. This is one of the many reasons it is so important to have an attorney on your side looking out for you. Trustees have limits, but your well-being is not their first priority, as it is for your bankruptcy attorney.

If you would like more detailed information about the role of bankruptcy trustees, visit the National Association of Bankruptcy Trustees.

For more information or to learn why you need the support of an experienced attorney when you file for bankruptcy, contact the Law Offices of Robert M. Geller at 813.254.5696.

Archive

Video Testimonials

Tampa Bankruptcy Law Blog

Should I Refinance a Student Loan I Can’t Discharge in Bankruptcy?

Student loan debt is overwhelming many people. Could refinancing be the answer to help you avoid bankruptcy if your student...
Read More

Can Student Loan Consolidation Help You Avoid Bankruptcy?

One of the most common questions people have when they consider bankruptcy is “can student debt be discharged in bankruptcy?”...
Read More

Could There Be Changes on the Horizon for How Student Loan Debt is Handled in Bankruptcy?

If you’re wondering how to file for bankruptcy for student loan debt or you’re wondering if bankruptcy can help you...
Read More

Does Bankruptcy Clear Student Loan Debt?

Many people considering bankruptcy wonder “Does bankruptcy clear student loan debt?” Until recently, that answer was almost always “no.” But...
Read More

Will Student Loans Force You Into Bankruptcy? Here’s How a Student Loan Bankruptcy Attorney in Florida Can Help

If you’re struggling with student loan debt and not sure what comes next, a student loan bankruptcy attorney in Florida...
Read More

Have You Received a Letter from the IRS About a Tax Debt? Here’s What You Should Know Before Responding

Here's what you need to know if the IRS has contacted you about tax debt. Every year the IRS contacts...
Read More

Here’s How You Can Rebuild Your Credit

How do you repair this damage and rebuild your credit after filing for bankruptcy? Many people believe that filing for...
Read More

How Can You Practice Smart Credit Card Management after Bankruptcy?

How can you learn better credit card management after bankruptcy? Using credit after bankruptcy is an intimidating experience for many...
Read More

How Do You Improve Your Credit Score?

How do you improve your credit score? Here's what you need to know. Your credit score plays an important role...
Read More

Does Bankruptcy Credit Counseling Work?

Bankruptcy credit counseling helps you emerge from bankruptcy understanding credit management. People filing for bankruptcy must take two courses regarding...
Read More

Bankruptcy

For The Next 5 Days GET A FREE BOOK About Bankruptcy

Learn More

Infographics

We are A Debt Relief Agency.
We help people file for bankruptcy under the Bankruptcy Code

Pay Online Bankruptcy Courses Newsletter Subscription

NACBA Logo avvo1 avvo2 avvo3 LEA BBB Logo RG Seal

Call For A Free Initial Consultation

813.254.5696

Tampa Office

Law Offices of Robert M. Geller, P.A.
807 West Azeele Street
Tampa, FL 33606
T: (813) 254-5696
T: (800) 853-7549
F: (813) 253-3405

Map And Directions

St. Petersburg Office

Law Offices of Robert M. Geller, P.A.
125 5th Street South
(Wells Fargo Financial Center)
2nd Floor, Suite G
St. Petersburg, FL 33701
T: (727) 532-3939

Map And Directions

Pasco Office

23526 State Road 54
Lutz, FL 33559
T: (813) 336-2320

Map And Directions