In a liquidating distribution the cash proceeds are 1 1 webcam chat
The Panel Trustee may also seek to recover assets conveyed by the debtor prior to the filing of the bankruptcy.
This could include payments made by the debtor to its creditors within 90 days of the bankruptcy filing or 1 year if the payments were made to related parties of the debtor.
They are private citizens appointed and supervised by the Office of the U. There are approximately 1,000 Chapter 7 Trustees who are currently receiving new cases, most of whom are NABT members.
Chapter 7 Trustees collectively administer over one million cases annually.
Each debtor is sworn and examined by the Panel Trustee and the creditors are allowed the opportunity to ask questions which is moderated by the Panel Trustee.
After the Section 341 hearing, the Panel Trustee will object to exemptions that have been improperly claimed.
Panel Trustee case loads vary between several hundred cases a year to several thousand depending on the location of the Panel Trustee.
Although their obligations are many and varied, the Chapter 7 Trustees’ primary goal is to liquidate assets for the benefit of creditors where possible.
The Panel Trustee will seek turnover of assets held by the debtor or other parties and will arrange for their eventual sale.In almost every case, the interim trustee will continue to serve as the permanent trustee.A Panel Trustee is appointed in each Chapter 7 case to review the bankruptcy petition and schedules filed with the Court and to determine if the debtor has any non-exempt assets available for distribution to creditors. Many chapter 7 trustees are also attorneys or accountants who continue to practice their profession after appointment to the panel.The interim trustee serves until a permanent trustee is elected or designated at the Section 341 hearing.If a trustee is not elected or designated at the Section 341 hearing, the interim trustee will then serve as the permanent trustee.