What Is a Bankruptcy Trustee?
A bankruptcy trustee is an individual or corporation appointed by the bankruptcy court to represent the bankruptcy estate. Discover how a bankruptcy trustee can take non-exempt assets and convert them to cash with help from a certified civil mediator in this free video on bankruptcy and money management.
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You've recently been worried about bankruptcy because you're considering filing and you've been reading up on it and you're coming across some terms that you may not be familiar with, and one of those is a bankruptcy trustee. Hello, I'm Robert Todd, and I'm here to answer the question: What is a bankruptcy trustee? Well, first of all, a bankruptcy trustee is either an individual or a corporation appointed by the bankruptcy court to represent the bankruptcy estate. And for example, in a Chapter 7 bankruptcy, the bankruptcy trustee takes the non-exempt assets of you, the debtor, and converts them to cash, in other words, sells them to basically come up with cash to pay off the debts. The bankruptcy trustee also makes sure that the debtor's schedule of assets clearly defines those that are exempt and those that are non-exempt. There's also a bankruptcy trustee in a Chapter 13 bankruptcy and a Chapter 12 bankruptcy. And that's basically what a bankruptcy trustee is. I'm Robert Todd, and thank you for watching.