A Trustee And A Bankruptcy Administrator

: Reese Baker & Associates

  Filed under: Bankruptcy Information

The meeting room

The meeting room

There is no doubt that as you proceed through your bankruptcy filing that there are going to be many terms that you don’t understand. One of the most important individuals in your bankruptcy proceeding is going to be either your US trustee or your Bankruptcy Administrator. It is important to understand which of these would be applicable to you and what their positions are pertaining to your bankruptcy case.

What many do not understand is that every state has their own bankruptcy legislation in place as well as there is federal legislation. When it comes to a US Trustee this is the individual that will be in charge of your bankruptcy case and make the final decisions pertaining to it, unless your bankruptcy is being filed in Alabama or North Carolina. In these two states the official overseeing your bankruptcy is the Bankruptcy Administrators.

In all the other states when you file for bankruptcy you will be assigned a US Trustee. This individual has the power to liquidate any of your assets that are not exempt in order to pay your creditors. The Trustee will oversee the entirety of your case. The Bankruptcy Administrators follow closely to the same sort of format, however they maintain a panel of private trustees and monitor what takes place regarding the transactions and conduct of all parties.

No matter which State you are applying for your bankruptcy in, it is a good idea to do so under the care of a Houston bankruptcy lawyer who will know the entire procedure as it pertains to your financial situation.