Process for Chapter 7 Bankruptcy – What Does the Trustee Do …
What bankruptcy trustees do, how they effect your bankruptcy, and how you can handle one can be complex. That makes it important to get the right attorney to help you through this process. You can hire an attorney: online, in the phone book, and through referrals. For Georgia residents, you can go to the State Bar of Georgia, or search “Georgia bankruptcy lawyers” online.
Now, let’s answer some key questions.
What is a trustee?
The trustee is a court-appointed individual who will pay your creditors on what you owe them. The trustee, and potentially the staff, will be charged with the Georgia court to examine your papers, and liquidate nonexempt property.
What is nonexempt property?
Exempt property you get to keep. Nonexempt property can be sold by the trustee. In some cases, your home may be exempt, depending on its value. Other times, valuable assets like your home and car can be considered nonexempt and sold to pay off creditors.
What will you lose?
Studies on bankruptcy clearly point out how trustees often sell nothing you own. Most or all the property is very often considered exempt and will not be sold. If you own a lot of assets, especially expensive ones, you may consider filing under Chapter 13 bankruptcy
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