Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

What Is The Role of a New Jersey Chapter 7 Trustee

494 views

Published on

The main role of a Chapter 7 trustee is to protect the interests of unsecured creditors. Learn more about New Jersey chapter 7 trustee in this presentation.

Published in: Law
  • Be the first to comment

  • Be the first to like this

What Is The Role of a New Jersey Chapter 7 Trustee

  1. 1. . v- x , ‘ i ‘ U, .5’ 3 o > Z‘ ‘ 2 ‘ - ‘V / . . ‘ w: a ' v / J ' r 2 . J v ‘ ~ - £ . ‘ 1“ E 5!, WHAT IS THE LE OF A CHAPTER 7 TRUSTEE?
  2. 2. WHAT IS A BANKRUPTCY TRUSTEE?
  3. 3. x ~ ~ ~ u / n / x / // /// ff , L_¢, ir£: t,, .,ti, Ha ul nwv . , A », . , ., , .t, ,__. ___. ,_ B , [> ; vi. r,, r .5 5., . i ‘ Fffffiffiunr fif 44/ / 4. . _ _ . . . ..#. w. m . _U. :.. ... Np. .. . «IA . .,Jrt. m., i,J. H.~, Wr n I . e A bankruptcy trustee is a pe appointed to administer a bankruptcy estat
  4. 4. I’¢*1's011;11;1pp1'(>;1(‘11. I’1'012*ss1'u11;1]So1'si('t‘. ;1t'[2)1'(1.'1I)10 P. ‘I_YI1I£‘IIf Plzms f 3 in 8* E 3: [4 Bankruptcy trustees are by the United States Trustee's Office, a division of the United States Department of Justice J THE LAW OFFICE OF 609.267.5297 E TRAVIS J. RICHARDS
  5. 5. IS A CHAPTER 7 BANKRUPTCY TRUSTEE A JUDGE?
  6. 6. .: ".= l.l5‘! .0I. I.I: l_L; !!l! lnr:1a1i; _!4mfaI; .s~I. ?nI. u:4: ; r=z. ~u. ?u; ,, . ."_v’i_’? o1.aro‘i: l5i. !r— . .—'¢. -r1.a. a,m_a. :': ' _: '4I! :u. :.L~ ITJ THE LAW OFFICE OF TRAVIS J. RICHARDS 609.267.5297
  7. 7. I’(‘1'. s‘UII. 'I/ .IppI‘0.'I(‘]I. I’1'u[2>s_<m11.'1/Sc>1''1'<‘<>. .tfi>1'(i. '1[)/ N I’. '1>'111<>11i I’/ .1115 f g in 8* A as [4 O The trustee is not a judge The trustee is an administrative person J THE LAW OFFICE OF 609.267.5297 E TRAVIS J. RICHARDS
  8. 8. 1’: '1'_<u11.1/_ p[)1‘(1.‘I(‘/1. 1’1'uII'. ~.~‘1'n11.1/Sv1'1'1'<'<'. .f‘1}»1'<i. 'z/ )/0 1’.1>'111«'11f 1’/ .'z11.~ f g in 8* 5 E: [4 0 He does not have the final say on matters of law ©He must file motions and objections with the court and argue those matters before a judge just as a debtor, creditor or other party J THE LAW OFFICE OF 609.267.5297 E TRAVIS J. RICHARDS
  9. 9. THE ROLE OF A CHAPTER 7 TRUSTEE
  10. 10. I’¢*1's011;11;lpp1'(>;1(‘11. I’1'012*ss1'u11;1]So1'si('t‘. ;lt'[2)1'(1.'1I)10 P. ‘I_YI1I£‘IIf Plzms f 3 in 8* a 3: [4 The main role of a Chapter 7 trustee is to protect the interests of unsecured creditors J THE LAW OFFICE OF 609.267.5297 E TRAVIS J. RICHARDS
  11. 11. I’¢*1's011;11;1pp1'(>;1(‘11. I’1'012*ss1'u11;1]So1'si('t‘. ;1t'[2)1'(1.'1I)10 P. ‘I_YI1I£‘IIf Plzms f 3 in 8* 5 3: [4 He does this by liquidating non-exempt assets and using this money to pay the unsecured creditors J THE LAW OFFICE OF 609.267.5297 E TRAVIS J. RICHARDS
  12. 12. I’¢*1's011;11;1pp1'(>;1(‘11. I’1'012*. s‘s1'u11;1] Sm's7'('t’. ;1t'[2)1'(1.'1I)10 P. ‘I_YI1I£‘IIf Plzms fJin3"$ He accomplishes this by carrying out various duties within the bankruptcy case J THE LAW OFFICE OF 609.267.5297 E TRAVIS J. RICHARDS [4
  13. 13. DUTIES OF A CHAPTER 7 TRUSTEE
  14. 14. /’<-1'w11.1/. l_1>_1J1w. u'/1. 1’1'«2IE'x~1'n11.z/ S<-1''1'r': *. _l/ '1£r1'<i; z/I/ v / ’.1>’1m'11! 1’/ .z11.~ f 3 in 8* 5 3’ Q Asset vs. No-Asset Cases In a no-asset case, the trustee's main duty is to review the forms, preside over the First Meeting of Creditors and object to improperly filed exemptions J THE LAW OFFICE OF 609.267.5297 E TRAVIS J. RICHARDS
  15. 15. 1’: -13011.1/. ppm. 'z<*/1. 1’1'uII'. ~.~‘1'n11.1/Sv1'1'1'<'<'. .f‘1}»1'<i. 'z/ )/0 1’.1>'111«'11f 1’/ .'z11.~ f 3 in 8* 5 all: g Asset vs. No-Asset Cases In an asset case, the trustee must liquidate assets and administer the case until all funds have been distributed and a final account has been approved by the court J THE LAW OFFICE OF 609.267.5297 E TRAVIS J. RICHARDS
  16. 16. s ’ ’ ‘ ‘ I . 1 . r . . : ~-. cg ‘ ‘I 3 A the First Creditors
  17. 17. 1’<'1'w11.1/. l_1>_1J1'u. z<'/1. 1’1'«2tI'. ~~1'u11.2/S<-1''1'<': '. . lI‘I}>1'<i. 'z/ I/v 1’.2>'111v11/ 1’/ .z11.~ f 3 in 8* § lg’ Q he Chapter 7 trustee presides of the irst Meeting of Creditors also known as the 341(a) hearing He asks the debtor various Oquestions under oath about the debtor's assets, debts, income, expenses and financial history J THE LAW OFFICE OF 609.267.5297 E TRAVIS J. RICHARDS
  18. 18. 1’<*1'. <n11.r1/. lpp1'<>. '1<'/1. I’1'n12>s. <1'n11.1/ . ‘n1''1'<*<>. .l1'/ i)1'<i. '1/J/9 I’. r1>'111<>11l I’/ .1115 f 3 in 8* A 3: [4 The trustee uses this information as he searches for assets that he can sell on behalf of the unsecured creditors J THE LAW OFFICE OF 609.267.5297 E TRAVIS J. RICHARDS
  19. 19. REVIEWING DOCUMENTATION
  20. 20. I’¢*1's011;11;Ipp1'(>;1(‘11. I’1'012*ss1'u11;1]So1'si('t‘. ;1t'[2)1'(1.'1I)10 P. ‘I_YI1I£‘IIf Plzms f 3 in 8* N all” 3 The Chapter 7 trustee reviews the documents filed by the debtor in addition to other financial documentation such as tax returns and bank statements to determine if the debtor has any assets that are non-exempt J THE LAW OFFICE OF 609.267.5297 E TRAVIS J. RICHARDS
  21. 21. LIQUIDATING ASSETS
  22. 22. I’¢*1's011;11;Ipp1'(>;1(‘11. I’1'012*ss1'u11;1]So1'si('t‘. ;1t'[2)1'(1.'1I)10 P. ‘I_YI1I£‘IIf Plzms f 3 in 8* N 3: [4 Most Chapter 7 cases are non-asset cases meaning that there are no assets that the trustee can sell to repay the unsecured creditors J THE LAW OFFICE OF 609.267.5297 E TRAVIS J. RICHARDS
  23. 23. I’¢*1's011;11;Ipp1'(>;1(‘11. I’1'012*ss1'u11;1]So1'si('t‘. ;1t'[2)1'(1.'1I)10 P. ‘I_YI1I£‘IIf Plzms f 3 in 8* N 3: [4 In the few cases that are asset cases, the trustees takes possession of the non-exempt asset, files a motion to sell the asset and either sells it to a private party or by auction J THE LAW OFFICE OF 609.267.5297 E TRAVIS J. RICHARDS
  24. 24. I’¢*1's011;11;Ipp1'(>;1(‘11. I’1'012*ss1'u11;1]So1'si('t‘. ;1t'[2)1'(1.'1I)10 P. ‘I_YI1I£‘IIf Plzms f 3 in 8* N 3: [4 He holds the money in trust pending disbursement to the creditors J THE LAW OFFICE OF 609.267.5297 E TRAVIS J. RICHARDS
  25. 25. ADMINISTERING THE BANKRUPTCY ESTATE
  26. 26. I’¢*1's011;11;Ipp1'(>;1(‘11. I’1'012*ss1'u11;1]So1'si('t‘. ;1t'[2)1'(1.'1I)10 P. ‘I_YI1I£‘IIf Plzms f 3 in 8* N 3: [4 The trustee must review all claims filed with the court, object to improperly filed claims and file reports stating how the money will be paid J THE LAW OFFICE OF 609.267.5297 E TRAVIS J. RICHARDS
  27. 27. I’¢*1's011;11;Ipp1'(>;1(‘11. I’1'012*ss1'u11;1]So1'si('t‘. ;1t'[2)1'(1.'1I)10 P. ‘I_YI1I£‘IIf Plzms f 3 in 8* N 3: [4 Once the report is approved, the trustee disburses the funds and files final accounting reports for the court's approval J THE LAW OFFICE OF 609.267.5297 E TRAVIS J. RICHARDS
  28. 28. I’¢*1's011;11;lpp1'(>;1(‘11. I’1'012*ss1'u11;1]So1'si('t‘. ;1t'[2)1'(1.'1I)10 P. ‘I_YI1I£‘IIf Plzms f 3 in 8* N 3: [4 Personal Approach, Professional Service, Afiordable Payment Plans J THE LAW OFFICE OF 609.267.5297 E TRAVIS J. RICHARDS
  29. 29. I’¢*1's011;11;lpp1'(>;1(‘11. I’1'012*ss1'u11;1]So1'si('t‘. ;1t'[2)1'(1.'1I)10 P. ‘I_YI1I£‘IIf Plzms f 3 in 8* N 3: [4 The Law Office of Travis J. Richards, LLC is a full-service Mount Holly bankruptcy law firm focused on Chapter 7 Bankruptcy, J THE LAW OFFICE OF 609.267.5297 E TRAVIS J. RICHARDS
  30. 30. I’¢*1's011;11;lpp1'(>;1(‘11. I’1'012*ss1'u11;1]So1'si('t‘. ;1t'[2)1'(1.'1I)10 P. ‘I_YI1I£‘IIf Plzms f 3 in 8* N 3: [4 Chapter 13 Bankruptcy, debt consolidation, credit repair, tax liens, student loans and foreclosure J THE LAW OFFICE OF 609.267.5297 E TRAVIS J. RICHARDS
  31. 31. I’¢*1's011;11;lpp1'(>;1(‘11. I’1'012*ss1'u11;1]So1'si('t‘. ;1t'[2)1'(1.'1I)10 P. ‘I_YI1I£‘IIf Plzms f 3 in 8* N 3: [4 We represent clients in Burlington County and throughout South Jersey J THE LAW OFFICE OF 609.267.5297 E TRAVIS J. RICHARDS
  32. 32. CONTACT AN EXPERIENCED MOUNT HOLLY BANKRUPTCY ATTORNEY
  33. 33. I’¢*1's011;11;lpp1'(>;1(‘11. I’1'012*ss1'u11;1]So1'si('t‘. ;1t'[2)1'(1.'1I)10 P. ‘I_YI1I£‘IIf Plzms f 3 in 8* N 3: [4 Contact our office at 609-267-5297 to schedule your free consultation to discuss bankruptcy and non- bankruptcy alternatives J THE LAW OFFICE OF 609.267.5297 E TRAVIS J. RICHARDS
  34. 34. You may also use our convenient online contact form and one of our friendly, professional staff members will contact you to answer your bankruptcy questions and/ or schedule a free consultation with Travis J. Richards
  35. 35. Or visit our website www. njbankruptcyinformation. com

×