When you file a Chapter 7 or Chapter 13 bankruptcy in Centennial or any other part of Colorado, a trustee is assigned to your bankruptcy case. A bankruptcy trustee’s duties vary depending on the type of bankruptcy case you file and the situations of debtors and their creditors.
Trustee Duties in Littleton, Colorado
The following duties are for the bankruptcy trustee assigned to your bankruptcy case, according to 11 U.S. Code, Section 704(a):
(1) Collect and reduce to money the property of the estate for which such trustee serves, and close such estate as expeditiously as is compatible with the best interests of parties in interest;
(2) Be accountable for all property received;
(3) Ensure that the debtor shall perform his intention as specified in section 521(a)(2)(B) of this title;
(4) Investigate the financial affairs of the debtor;
(5) If a purpose would be served, examine proofs of claims and object to the allowance of any claim that is improper;
(6) If advisable, oppose the discharge of the debtor;
(7) Unless the court orders otherwise, furnish such information concerning the estate and the estate’s administration as is requested by a party in interest;
(8) If the business of the debtor is authorized to be operated, file with the court, with the United States trustee, and with any governmental unit charged with responsibility for collection or determination of any tax arising out of such operation, periodic reports and summaries of the operation of such business, including a statement of receipts and disbursements, and such other information as the United States trustee or the court requires;
(9) Make a final report and file a final account of the administration of the estate with the court and with the United States trustee;
(10) If with respect to the debtor there is a claim for a domestic support obligation, provide the applicable notice specified in subsection (c);
(11) If, at the time of the commencement of the case, the debtor (or any entity designated by the debtor) served as the administrator (as defined in section 3 of the Employee Retirement Income Security Act of 1974) of an employee benefit plan, continue to perform the obligations required of the administrator; and
(12) Use all reasonable and best efforts to transfer patients from a health care business that is in the process of being closed to an appropriate health care business that—
- (A) Is in the vicinity of the health care business that is closing;
- (B) Provides the patient with services that are substantially similar to those provided by the health care business that is in the process of being closed; and
- (C) Maintains a reasonable quality of care.
In both a Chapter 7 and Chapter 13 bankruptcy, trustees have a lot of involvement, many duties and they affect much of how your bankruptcy process goes.
If you would like more information about the roles of a bankruptcy trustee in Colorado, or information about Chapter 7 and Chapter 13 bankruptcy, contact bankruptcy attorney Barry Arrington for a free initial consultation. Contact him today at 303-205-7870.