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Duties of a Trustee in Towson Maryland
Whether you or a loved one chooses to file for Chapter 7 Bankruptcy or Chapter 13 Bankruptcy, it’s never good to proceed without knowing as much as you can. Finding out what you can expect, everything you need to do, and (most especially) the people involved with your case is an important first step to every Bankruptcy process. To be more specific, you absolutely need to learn about what the duties of a Trustee in Towson Maryland are when filing for Bankruptcy.
The Bankruptcy filing process is often very complicated and hard. Yet in spite of its limitations, it still provides the best way to start afresh since it can legally clear your debt and properly protect you from being harassed by debt collectors. Coming up with a strong Bankruptcy petition requires you to work with other individuals so having knowledge about the duties of a Trustee in Towson Maryland is needed. In other words, how you interact with the Bankruptcy Trustee could play a huge part in your quest to attain debt relief.
To determine how exactly petitioning for Bankruptcy improves your current financial status and what are the duties of a Trustee in Towson Maryland, reach out to The Grafton Firm to receive much-needed legal advice from skilled MD Bankruptcy lawyers who can also be your financial advisor!
Why Do I Need a Bankruptcy Attorney in Maryland?
Even if filing for Chapter 13 Bankruptcy or Chapter 7 Bankruptcy might seem like a good choice right now, we also understand that it’s probably not the ONLY solution to your financial issues. Our duty is to provide you with a wide range of options that will help improve your current situation. We also see to it that you have an experienced attorney on your side who will:
- Show honesty by describing your circumstances and outlook exactly like they are
- Very carefully and thoroughly review your situation and then suggest realistic solutions
- Elaborate in detail the duties of a Trustee in Towson Maryland
- Empathize with how difficult filing for Bankruptcy can really be
- Make sure that every client has someone to depend on whenever debt-related issues arise
If a Towson, MD Bankruptcy personal representative that’s smart and competent is what you’re seeking for, reach out to The Grafton Firm by giving them a call today. We offer free initial consultation.
What is a Bankruptcy Trustee?
There are many types of trustees for various practice areas of law. Nevertheless, they all have one common purpose and that is being the one holding and managing property.
A Bankruptcy Trustee plays a key role during the Chapter 7 and Chapter 13 processes. For this reason, only individuals who possess the qualities below are eligible to perform duties of a Trustee in Towson Maryland:
- A trustee must possess integrity and good moral character
- A trustee should be physically and mentally fit to execute the duties of a Trustee in Towson Maryland
- A trustee is unbiased and doesn’t have any prejudices against an individual, group, or entity
- A trustee cannot be in any way related to anyone who works in the United States Trustees of the Department of Justice’s executive office or the office of the United States Trustee for the district where he/she is currently applying
- A trustee must be willing to submit reports as required
- A trustee must have applied under oath and accomplished prescribed forms
In addition, the duties of a Trustee in Towson Maryland also varies depending on what Bankruptcy chapter is filed.
Duties of a Trustee in Chapter 7 Bankruptcy
One of the main duties of a Trustee in Towson Maryland during Chapter 7 Bankruptcy is the gathering and selling (liquidating) your non-exempt assets or real estate. While your Chapter 7 Bankruptcy case is open, your property will be held by the Trustee in a Bankruptcy estate.
Moreover, it is also the trustee’s job to inform the Bankruptcy court about any objections on the trust agreement while determining which of your property is exempt and which are not. Examples of exempt property (subject to asset protection) may include your house, car, social security, and other personal items like clothes, etc.
Duties of a Trustee Towson MD during Chapter 7 Bankruptcy, however, aren’t just focused on managing your trust assets. They also include:
- Reviewing all the paperwork you submitted for your Bankruptcy petition
- Checking to confirm your identification
- Conducting the 341 creditors meeting
- Asking you questions about the documents you prepared
- Locating and investigating estate assets that were not disclosed
- Seizing assets that are not protected by Chapter Bankruptcy exemptions
- Verifying all proof of claim forms submitted by your creditors
To find out more about the Chapter 7 duties of a Trustee in Towson Maryland, reach out to an experienced bankruptcy attorney right away!
Duties of a Trustee in Chapter 13 Bankruptcy
One of the primary duties of a Trustee in Towson Maryland during Chapter 13 Bankruptcy is the overseeing of your payment plan, estate administration, and making sure that you qualify. Most individuals who petition for bankruptcy usually don’t meet with a judge while the case is ongoing as the Trustee does this on their behalf.
Duties of the Trustee in Towson Maryland during Chapter 13 Bankruptcy, however, don’t just focus on administration plan overseeing. They also consist of:
- Reviews your Chapter 13 payment plan
- Conducts the creditors meeting
- Attends the confirmation hearing and informs the judge whether or not the plan meets all the requirements
- Implements the Chapter 13 Bankruptcy repayment plan
- Objects to creditor claims that are invalid
For more information on the Chapter 13 duties of a Trustee in Towson Maryland, speak with a skilled bankruptcy attorney immediately!
Duties of a Trustee in Chapter 11 Bankruptcy
In most cases, you as the debtor will be responsible for your own affairs without requiring the duties of a Trustee Towson MD. But in certain situations, the court can appoint someone to perform trust administration during Chapter 11 Bankruptcy. This often happens when the case is filed under the new Small Business Reorganization Act of 2019.
Call our Towson, MD Bankruptcy Attorney Now!
Our law firm strongly believes that the best method to know exactly how we can help you is by meeting with us in person. We offer free initial consultations to discuss your problems regarding the duties of a Trustee in Towson Maryland, as well as bankruptcy alternatives, Civil Law, Power of Attorney, Estate Planning, Probate, and other practice areas.
The Grafton Firm‘s law office is located in Towson, MD. Feel free to contact us anytime and we’ll do our best to take immediate legal action!