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The Standing Trustees are responsible for the administration of all Chapter 13 cases filed in their judicial district. If for any reason all panel and/or standing trustees are disqualified or unable to perform, the U.S. Trustee may serve as trustee for a particular case under Chapter 7, 12 or 13. This very rarely happens.
Chapter 7 trustees are selected by the U.S. Trustee from a "panel" of individuals residing or having offices in the judicial district where the bankruptcy case is filed. Federal law prohibits the U.S. Trustee from requiring the trustee to be licensed as an attorney. Because trustees must be knowledgeable about bankruptcy law and procedure in ...
In limited circumstances, the creditors involved in a bankruptcy case can elect a trustee. In a Chapter 7 Bankruptcy ("Liquidation") the trustee gathers the debtor's non-exempt property, managing the funds from the sale of those assets, and then paying expenses and distributing the balance to the owed creditors.
Each United States Trustee, an officer of the U.S. Department of Justice, is responsible for maintaining and supervising a panel of private trustees for chapter 7 bankruptcy cases. [25] The Trustee has other duties including the administration of most bankruptcy cases and trustees. [26]
Bankruptcy courts appoint a trustee to represent the interests of the creditors and administer the cases. The U.S. Trustee [3] appoints Chapter 7 trustees for a renewable period of 1 year, Chapter 13 trustees are "standing trustees" who administer cases in a specific geographic region.
The impact of bankruptcy on a HELOC depends on the type of bankruptcy filing (Chapter 7 vs. Chapter 13). In both types of bankruptcy, staying current on HELOC payments is necessary to keep your home.