What is the Role of a Trustee and Bankruptcy Administrator?

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What is the Role of a Trustee and Bankruptcy Administrator?

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Bankruptcy is a complicated process. Since most people have lived a sheltered life, dealing with financial problems which have gone out of hand, and the legal jargon involved in bankruptcy can be a bit too much. It is therefore advised to consult experienced lawyers if you are contemplating bankruptcy as a way out of the huge burden of debt. If you wish to know more about bankruptcy, you can call 888-297-6023 to speak with qualified bankruptcy lawyers.

As per lawyers of Los Angeles based bankruptcy law firm Recovery Law Group, the bankruptcy trustee and bankruptcy administrator probably play the most important role in your bankruptcy. Despite bankruptcy being a federal legislation, state laws regarding the same also play an important part. Apart from the states of Alabama and North Carolina, where Bankruptcy Administrators oversee the bankruptcy proceedings, all the remaining states have a U.S. Trustee as the person who oversees the bankruptcy case.

The bankruptcy trustee is responsible for supervising your case. Additional duties involve liquidation of non-exempt property to pay your creditors, administering the money as per the repayment plan to the creditors, etc. Bankruptcy administrators also carry out the same work, but they do not do so directly. They have a panel of private trustees to do the work. The administrator oversees that all the transactions is carried out properly as well as checks the conduct of debtor and creditors.

Bankruptcy can be quite complex, and you certainly cannot afford to make mistakes. If you wish to get a discharge of your debts successfully, you should trust qualified bankruptcy lawyers Los Angeles to handle your case.