When filing for Chapter 13 bankruptcy, you will have a court-appointed trustee assigned to you. This is a critical person in your case. You need to work closely with them to ensure your bankruptcy case goes according to plan. Without them, you could miss key payments to creditors. It’s essential to follow their guidance, show up for appointments, and more. 

Some of their responsibilities include:

 

Review the Chapter 13 Bankruptcy Petition

The bankruptcy trustee will carefully review your Chapter 13 bankruptcy petition, schedules, and documents. They will make sure the paperwork is accurate and complete, and ensure all of the needed documents are included with the petition. 

 

Hold a Meeting of Creditors

The trustee will call and preside over a meeting of your creditors, called the 341 meeting. During this meeting, the trustee, creditors, and you can ask questions and gather information regarding the bankruptcy case. The trustee verifies your identity, examines the bankruptcy petition, and ensures you are compliant with applicable bankruptcy laws.

 

Evaluate the Repayment Plan

The bankruptcy trustee will review your repayment plan and evaluate it. They will determine if you can comply with the repayment plan by reviewing your income, expenses, and ability to make payments on time. The trustee will also make sure the plan meets the Bankruptcy Code requirements.

 

Recommend Plan Confirmation

After reviewing your repayment plan, the trustee can recommend either confirmation or objection to the plan. If the trustee determines the plan is compliant with bankruptcy laws, they will recommend it to the court. If the plan does not meet the requirements, the trustee may propose modifications.

 

Collect and Distribute Payments

After the repayment plan is confirmed, the trustee is then tasked with collecting the scheduled payments and distributing them to the creditors according to the terms outlined in the repayment plan. It’s crucial to make these payments on time and follow the agreed upon schedule.

 

Monitor your Financial Affairs

Throughout the Chapter 13 bankruptcy case, the trustee monitors the debtor’s financial activities. They review the debtor’s income, expenses, and changes in circumstances. If there are significant changes or deviations from the original plan, the trustee may seek modifications or request the court’s intervention.

 

Take Care of Creditor Claims

The trustee will keep track of creditor claims filed during the bankruptcy process. The trustee will determine if the claims are accurate and will negotiate with creditors on your behalf and determine the priority in which the creditors will be repaid. 

 

Give Bankruptcy Court Updates

The trustee will give the court updates periodically to report on the progress of your Chapter 13 case. These updates will include if you’re making your payments on time, how payments are being distributed to creditors and other information the court wants updates on. 

 

A court trustee plays a vital role in your Chapter 13 bankruptcy case. It’s important to remember that this person doesn’t work for you, or your creditors. They are there to ensure that bankruptcy laws are being followed and that you are complying with the repayment process. When working with a trustee, it’s essential to work with a bankruptcy attorney. Your lawyer can prepare you for what to expect and what the trustee’s role is. 

 

Contact an Attorney

When you need an Oklahoma City bankruptcy attorney to help you file for Chapter 13 bankruptcy, it’s crucial to hire an experienced attorney. A bankruptcy attorney can help you navigate the process and help you work with a bankruptcy trustee. These are essential tasks and roles that you should not attempt to do on your own. Mistakes can have severe consequences. Instead, trust the work to our experts. Don’t let debt ruin your life. Call (405) 529-9377 for a free case review.

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