Trustee is a word that you may hear thrown around a lot when you are in the bankruptcy process, but what exactly is it? The simple answer is that a trustee is an individual that is assigned by the US Department of Justice to investigate the debtor and the debtor’s assets. A large part of a trustee’s job in administering the bankruptcy estate is to look for hidden assets, assets that may have been overlooked, and assets that are not exempt. It is important to speak to Bankruptcy Attorney Shawn Stone to discuss the property exemptions afforded to you by state and federal law.
When a debtor has non-exempt assets that become part of the bankruptcy estate, some trustees will allow a debtor to buy back those assets by making payments over a period of time. This is important for those people who have possessions that are not exempt by law but that they would like to keep because of sentimental value or other reason.
Another large part of the trustee’s job is to look for any fraudulent actions by the debtor. In order to ensure no fraudulent transactions have occurred, a trustee may inquire into a debtor’s financial affairs, such as bank transactions, loans, paystubs and tax returns. If the trustee finds that the debtor has engaged in fraudulent transactions, he may request that the debtor’s discharge be denied and the case dismissed.
Shawn Stone Phoenix Bankruptcy and Student Loan Attorney is the answer for a lot of people when it comes to dealing with all matters related to bankruptcy and can help debtors get out of the tightest of spots. He helps people navigate their way through the legal system and get through various trustee requests throughout the bankruptcy process.
It is extremely important you seek out legal assistance before taking any steps towards working on your bankruptcy case. You will be happy to have their help, especially when communicating with trustees and creditors. Let Shawn Stone Bankruptcy Attorney help you with your case.