A trustee is an individual that holds property, authority, or a position of trust or responsibility for the benefit of another. A trustee can either be an individual or in the case of a corporation, it can consist of several people, commonly referred to as a board of trustees. When filing a bankruptcy, a bankruptcy trustee is appointed, called the United States Trustee. The United States Trustee, who is an officer of the Department of Justice, will be charged with managing the property of the bankruptcy estate and ensuring that the bankruptcy system and representatives in each court act with honesty and integrity.
In regards to a bankruptcy, there are three different types of filing options, Chapter 7, 12, and 13. If you file chapter 7, then the trustee who handles your bankruptcy will be chosen from a panel by the United States Trustee, and is referred to as panel trustees. A chapter 12 filing (usually family farmers or fisherman use this type of filing option), is filed so infrequently that the United States Trustee will appoint a trustee on an as needed basis. In the case of a chapter 13 filing, every court district has a permanent trustee, known as a standing trustee.
Filing for bankruptcy can be a scary and intimidating process, but with the right lawyers, the process can be a lot easier. This makes the expertise of a Fort Lauderdale Bankruptcy Attorney more vital than ever. With an experienced Fort Lauderdale Bankruptcy Lawyer by your side, this difficult issue will be far more painless and efficient.