Source: http://anderslawonline.com/Chapter.7-Trustee.htm
Timestamp: 2020-02-19 03:59:04
Document Index: 662740748

Matched Legal Cases: ['§701', '§702', '§704', '§721', '§341', '§343', '§702', '§554', '§722', '§524']

Chapter 7 Trustee/New York Bankruptcy Attorney
Chapter 7 Trustee: Immediately after the order for relief, the United States trustee appoints a disinterested member of the panel of private trustees to serve as the interim trustee in a Chapter 7 case. Bankruptcy Code §701(a)(l). Then, either a trustee is elected at the section 341 meeting of creditors or the interim trustee automatically becomes the permanent trustee in the case. Bankruptcy Code §702.
a. Duties of trustee: In a Chapter 7 case, the trustee's primary responsibilities are to locate and collect property of the estate; to convert the property to cash; to make distributions to claimants in the order established by the Bankruptcy Code; and to close the estate expeditiously. Bankruptcy Code §704(1).
2.Additional administrative duties of the Chapter 7 trustee are described in Bankruptcy Code section 704
3. Authority to Operate Debtor's Business: Occasionally, the trustee may receive authorization from the court to operate the bankruptcy debtor's business temporarily, under circumstances where continuing the business for a while is in the best interest of the estate and will assist in its orderly liquidation. Such a situation may arise where an attempt is being made to sell the debtor's business as a going concern or where completing the manufacture of unfinished commodities is likely to result in a substantially greater liquidation price. Bankruptcy Code §721; 4 Collier 1(721.02)
4. Meeting of Creditors: Within twenty to forty days after the order for relief, the United States trustee convenes and presides at the section 341 meeting, where creditors often participate in many of the following matters Bankruptcy Code §341(a).
a. Examination of the debtor, under oath, by creditors, the trustee or an examiner in the case, or the United States trustee Bankruptcy Code §343;
b. The election of a trustee, when requested by a sufficient number of unsecured creditors Bankruptcy Code §702.
c. Election of a creditors' committee, when desired, consisting of between three and eleven unsecured creditors, to act in an advisory role in consultation with the trustee. Discussion about the trustee's abandonment of properly that is burdensome or of inconsequential value to the estate Bankruptcy Code §554. Discussion about an individual debtor's redemption of tangible personal property intended primarily for consumer use Bankruptcy Code §722 and, Discussion about the debtor's reaffirmation of particular debts Bankruptcy Code §524(c)
Objection and denial of discharge