Bankruptcy Trustee

What Does It Mean?
What Does Bankruptcy Trustee Mean?
A person appointed by the United States Trustee, an officer of the Department of Justice, to represent the debtor's estate in a bankruptcy proceeding. 

Although a bankruptcy judge has the ultimate authority on the distribution of assets, the trustee is charged with evaluating and making recommendations about various debtor demands in accordance with the U.S. Bankruptcy Code.
Investopedia Says
Investopedia explains Bankruptcy Trustee
The responsibilities of the trustee are different in a Chapter 7 bankruptcy proceeding (which is essentially a liquidation) than in a Chapter 11 proceeding, wherein the debtor hopes to emerge from the bankruptcy as a going concern. In a Chapter 7 proceeding, the trustee will manage the asset sales and then distribute the proceeds to creditors.

A Chapter 13 proceeding applies to individuals who hope to keep some of their assets in return for repaying certain debts.
Related Links
Rate this Term: Your Rating:    Overall Rating: Vote Now!
Sponsored Links
MARKETPLACE
The Investopedia Guide to Wall Speak
TRADING CENTER
CURRENT HIGH YIELD SAVINGS RATES
Type
Overnight avgs
Rate data provided by
Bankrate.com
add investopedia foot
www.investopedia.com