If your debts have gotten to the point where you're unable to pay them, declaring bankruptcy may be your best decision. We live in a society that encourages debt, and in this economically challenging time, it's easy to let your debts get away from you, to find your life being run by your debts. Fortunately, the US Bankruptcy Code has two very common options for individuals declaring bankruptcy: Chapter 13 and Chapter 7.
A quick refresher on the differences may be helpful. Chapter 7 is a liquidation bankruptcy, which means that your non-exempt assets (assets which there aren't specifically protected in the bankruptcy code) are auctioned off to repay your creditors. Chapter 13, however, is for reorganizing debt. In Chapter 13, the filer submits to the court a plan on how to restructure and repay their debt over a period of several years. The benefit of this over Chapter 7 is that your property isn't sold off. However, it requires a relatively high income and a good amount of disposable income.
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The United States Trustee Program
Under the law, when you declare bankruptcy, you are provided with the assistance of a government-appointed bureaucrat who will, depending on which chapter you filed under, provide you with various services pertaining to your bankruptcy. These bureaucrats are called Trustees, and are appointed by the Attorney General. When you file for bankruptcy, the court will issue you a Trustee.
If you file for Chapter 7 bankruptcy, your appointed Trustee will organize your property into exempt and non-exempt property. The exempt property you'll be able to retain. The Trustee will then oversee the selling of the non-exempt property, the sale of which will go to pay back your debts.
If you file for Chapter 13 bankruptcy, the Trustee will work with you to prepare a legal document detailing your plan to repay your creditors over a period of between three and five years. The Trustee will be your liaison between you and the bankruptcy court, and will oversee the reorganization of your debt.
Other duties performed by Trustees include:
The oversight of Chapter 11 and Chapter 12 bankruptcies Preventing bankruptcy fraud and abuse Keeping the bankruptcy program efficient and effective Enforcing the US Bankruptcy Code
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