A trustee’s responsibility is to:
- Administer your bankruptcy
- Make sure creditors get as much payment as possible
- Run the first meeting of creditors (called the “section 341 meeting”)
- Get information from you
- Get documents related to your bankruptcy
- Collect and sell non-exempt property (Chapter 7) or collect and pay debt according to a repayment plan (Chapter 13)
Trustees can be private individuals or corporations. They are not necessarily lawyers and the courts do not pay them. Their fees come from the bankruptcy filing fee or are a set percentage of the money distributed in the bankruptcy.
