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Bankruptcy

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A bankruptcy trustee is a person or entity who is independent of the bankruptcy court and is appointed to oversee your bankruptcy case. A bankruptcy trustee is appointed in most every case—except in Chapter 11 reorganizations and Chapter 9 municipality cases. The bankruptcy trustee is responsible for reviewing your bankruptcy forms, investigating and verifying your financial information, and making sure your bankruptcy filing is not fraudulent.

In Virginia, as in other states, a bankruptcy trustee is an independent party appointed to manage the bankruptcy process for individuals or businesses. The trustee's role is to oversee the case, which includes reviewing bankruptcy documents, verifying the filer's financial information, and ensuring the bankruptcy is legitimate and free of fraud. Trustees are involved in Chapter 7 liquidations and Chapter 13 reorganizations for individuals, but not typically in Chapter 11 reorganizations (which are for businesses and some high-debt individuals) or Chapter 9 municipal bankruptcies. The trustee can also liquidate non-exempt assets to pay creditors in a Chapter 7 case or oversee the debtor's repayment plan in a Chapter 13 case. The appointment of a trustee and their duties are governed by federal bankruptcy law, as bankruptcy is a federal legal process, although state laws, including those of Virginia, can influence exemptions and other aspects of the bankruptcy.

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Bankruptcy

trustee

Individual & Family Legal Plan

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Virginia State Code

Virginia State Code

Bankruptcy

trustee

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