What exactly is the trustees job? does he investigate your financial state during bankruptcy, or is it up to the creditors to find out if you have any assets worth bothering with? I know that he is the one legally in charge of the "estate" until the bankruptcy is discharged, but what else does he or she do? Since I'm going through bankruptcy I'd like to know, and though i have a fair idea, i just wondered if anyone knew exactly what the trustee did and didn't do.
The Trustee's job is to look out for the creditors. If there are any assets, he distributes them. I don't know how far he goes in investigating things, but I do know they have really, really cracked down on fraud, etc. When you file for bankruptcy, there is a form called Statement of Financial Affairs that asks questions like whether or not you've made any gifts, expecting any income, etc. Make sure you disclose everything. He is not your friend...lol. L
I filled out all the forms at the lawyers office, it took 3 hours and i guess that was probably one of them. I am expecting no money, and owe taxes so there isn't exactly any assets.
He can continue to investigate as long as necessary for him to be sure there are no further assets to get for creditors. Just because your case is discharged doesn't mean he stops looking. In a simple "no asset" case, he doesn't have much to look for, but he will be careful about it, you can be sure.
With a no assets case and a lawyer representing you, I doubt you'll spend more than 5 minutes with the trustee. With 1.4 million bk's filed last year, it's pretty much an assembly line if your paperwork is in order.
thanks for the info. I'm of course likely obsessing needlessly. I'm still waiting for the creditors meeting. There are no assets that i know of, and not even tax return money as I owe this year. We used a lawyer, so I guess that I probably should stop worrying about it. None of the credit cards have been used for many months, some not for several years. we have no large balance savings accounts, nor did we have any. I just wish I could calm down, but down think that is going to happen anytime soon
