Role of the Trustee
Waukegan Illinois Bankruptcy Lawyers & Attorneys
David Siegel: What is the role of that Chapter 7 bankruptcy trustee in this whole process? What is their duty and obligation?
Jesse Barrientes: His duty and obligation is to determine whether or not it’s a no asset case. Or whether or not there are assets that can be liquidated in order to compensate the creditors for the credit that they’ve extended, or you know, either way. Either unsecured or secured.
David Siegel: And so our Waukegan viewers are not alarmed. 99 percent of all Chapter 7 bankruptcy cases are no asset cases. The debtors, the individuals, get to keep all their property and they don’t lose anything in a typical Chapter 7 case.
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