Bankruptcy Trustee at Legal Glossary
What is it? A person appointed by the court to oversee the case of a person or business that has filed for bankruptcy. In a consumer Chapter 7 case, the trustees role is to gather the debtors nonexempt property, liquidate it and distribute it proportionally to her creditors. In a Chapter 13 case, the trustees role is to receive the debtors monthly payments and distribute them proportionally to her creditors.Law Definition Added By: Tyler
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