Generally, the person (i.e., the trustee) whose opinion is most trustworthy is the one listed first on the bankruptcy court's list of candidates. This person may also be referred to as the "personal representative" or "personal agent." The person who is listed after that first choice is considered the "second personal agent" and the responsibility of that individual becomes vested in the personal representative after the filing of the final decree. Find top Bankruptcy and Debt services or view here top bankruptcy solutions.
Trustees are not required in every case. If the case does not involve a substantial amount of debt, a state law may provide for the appointment of another neutral party to act as the trustee for the benefit of the debtor. Most states allow trustees to receive payments from the trustee while the case is pending. However, this payment is usually contingent upon the trustee's performance. Usually, a bankruptcy trustee receives his or her pay after the case is concluded. But this is not always the case; some trustees have been known to continue receiving payments even when the case is settled.
Bankruptcy trustees are answerable to the bankruptcy court and its administrator. Creditors can assign them various tasks, such as communicating with debtors or with the trustee. In addition, they are responsible for deciding what can and cannot be done with a particular property during the bankruptcy case. In some states, however, creditors and the bankruptcy trustees have no authority over a debtor's money or property during the case.
An experienced bankruptcy trustee can advise the debtor and his or her attorney of any possible way to solve the debt problem, such as through a loan Modification. Loan modifications are now possible for most debts. The bankruptcy trustee does not make the decision. If the debtor and his or her attorney select the appropriate bankruptcy trustee, they will be better informed about the process. Trustees have the job of acting on the trustee's behalf. They make sure that the trustee does everything in the best interests of the debtor.
As mentioned earlier, when filing for bankruptcy cases, it is always wise to consult an experienced bankruptcy trustee. He or she will give you good advice whether to file for chapter 7 or chapter 13. This is because chapter 13 carries more long term benefits. It also gives the creditors more protection, since they will only be paid a portion of the debt in some cases. If you and your attorney are undecided as to filing for chapter 7 or chapter 13, you can discuss this issue with the bankruptcy court clerk. There are forms for you to fill out so that you will know the pros and cons of filing for each option. You can read more on this here: https://www.huffpost.com/entry/top-10-reasons-people-go-_b_6887642.
