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. Chapter 7 Trustee
Chapter 7 Trustee:
Immediately after the order for relief, the United States trustee
appoints a disinterested member of the panel of private trustees to
serve as the interim trustee in a Chapter 7 case. Bankruptcy Code §701(a)(l).
Then, either a trustee is elected at the section 341 meeting of
creditors or the interim trustee automatically becomes the permanent
trustee in the case. Bankruptcy Code §702.
a. Duties of trustee:
In a Chapter 7 case, the trustee's primary responsibilities are to
locate and collect property of the estate; to convert the property
to cash; to make distributions to claimants in the order established
by the Bankruptcy Code; and to close the estate expeditiously.
Bankruptcy Code §704(1). 2.Additional administrative duties of the Chapter 7 trustee are described in Bankruptcy Code section 704
3. Authority to Operate Debtor's Business: Occasionally, the trustee may receive authorization from the court to operate the
bankruptcy debtor's business temporarily, under circumstances where
continuing the business for a while is in the best interest of the
estate and will assist in its orderly liquidation. Such a situation
may arise where an attempt is being made to sell the debtor's
business as a going concern or where completing the manufacture of
unfinished commodities is likely to result in a substantially
greater liquidation price. Bankruptcy Code §721; 4 Collier 1(721.02) 4. Meeting of Creditors: Within twenty
to forty days after the order for relief, the United States trustee
convenes and presides at the section 341 meeting, where creditors
often participate in many of the following matters Bankruptcy Code
§341(a). a. Examination of the debtor, under
oath, by creditors, the trustee or an examiner in the case, or the
United States trustee Bankruptcy Code §343;
b. The election of a trustee, when
requested by a sufficient number of unsecured creditors Bankruptcy
Code §702. c. Election of a creditors' committee,
when desired, consisting of between three and eleven unsecured
creditors, to act in an advisory role in consultation with the
trustee. Discussion about the trustee's abandonment of properly that
is burdensome or of inconsequential value to the estate Bankruptcy
Code §554. Discussion about an individual debtor's redemption of
tangible personal property intended primarily for consumer use
Bankruptcy Code §722 and, Discussion about the debtor's
reaffirmation of particular debts Bankruptcy Code §524(c) |
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