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Chapter 7 of Title 11 U.S. Code is the bankruptcy code that governs the process of liquidation under the bankruptcy laws of the U.S. In contrast to bankruptcy under Chapter 11 and Chapter 13, which govern the process of reorganization of a debtor, Chapter 7 bankruptcy is the most common form of bankruptcy in the U.S. [1]
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 ...
When your case is converted to Chapter 7, the trustee can opt to sell some of your property that is not protected to pay creditors. The proceeds will be used to eliminate your outstanding debt.
Filing Chapter 7 after Chapter 7: Eight years. Filing Chapter 13 immediately after Chapter 7 is also referred to as Chapter 20 bankruptcy. You won’t receive a discharge when filing Chapter 20 ...
Emanuel Sharp scored 18 points, L.J. Cryer added 17 and No. 15 Houston beat Texas A&M-Corpus Christi 87-51 on Saturday for its fourth straight win. Sharp had 15 points in the first half as Houston ...
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.
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.