Palm Beach Gardens, Vero Beach & Wellington Trustee Representation Attorney
Being assigned as a trustee to a bankruptcy proceeding requires months or years of dedication and the responsibility of handling an incredibly complex matter. The experienced Palm Beach Gardens, Vero Beach & Wellington trustee attorneys at our office represent bankruptcy trustees so they understand the issues they are confronted with. Our experience representing trustees gives us particular knowledge of bankruptcy from the trustee’s perspective.
Purpose of a Bankruptcy Trustee
The overall purpose of a bankruptcy trustee is to oversee the process in addition to ensure that both the debtor and creditors’ rights are being upheld. However, depending on the type of bankruptcy filed, the underlying responsibilities of a trustee can vary widely. Trustees are routinely appointed by the Bankruptcy Court in Chapter 7, Chapter 11, and Chapter 13 petitions.
In a Chapter 7 bankruptcy, the role of the trustee is to gather all of the information regarding the assets of the debtor. In addition, it is the responsibility of the trustee to liquidate the necessary assets to pay off what the debtor owes to the creditors.
For a Chapter 11 petition, the debtor acts as their own bankruptcy trustee, except where one is appointed by the court. The trustee serves as the chief restructuring officer (CRO). The purpose of a trustee in these cases is to help create a restructuring plan for the business that will allow it to continue to operate while also paying off its debts to creditors. The CRO is also the person with direct contact to the creditors and fields any complaints that they may have about the plan.
In a Chapter 13 bankruptcy filing, the trustee serves as a mediator between the debtor and creditors, ensuring that both of their needs are being met in the repayment plan. The trustee must keep creditors at bay from reaching out and trying to access the debtor’s assets while simultaneously ensuring that the debtor is continuously paying off the debts.
How a West Palm Beach Trustee Attorney Can Help
An attorney can help the bankruptcy trustee in many different ways, especially if the trustee appointed is not a lawyer. Most importantly, an attorney can explain to the trustee what fiduciary duties they have in regards to the debtor and creditors in the case. A lawyer can also help with other issues that arise for trustees, including:
- Investigating the debtor’s financial status;
- Collecting assets;
- Reviewing creditor claims;
- Representing trustees in court proceedings;
- Preparing fee applications;
- Resolving fee disputes;
- Negotiating litigation or liquidation agreements between the debtor and creditors;
- Resolving objections;
…and handling other legal administrative matters for the trustee assigned to the bankruptcy case.
Call A Palm Beach Trustee Representation Attorney Today
As a bankruptcy trustee, you have a myriad of issues to deal with and multiple parties relying on you to give them the best possible outcome in the bankruptcy case. If you are a trustee in a bankruptcy proceeding, either in Florida or another state, and need sound legal advice, the experienced attorneys at Markarian & Hayes are here to help. Call the office or contact us today for a confidential consultation about your case.