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St Louis Bankruptcy Attorney: What Role Does The Bankruptcy Trustee Play?

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The Bankruptcy Trustee is the individual that examines all of the documents and forms that you file with the court. He or she has the opportunity to ask questions, demand further information, object to certain pleadings, and in some cases demand that you turn over property to the Bankruptcy Estate.

What does all of that mean? Well, the easiest way to describe the Trustee’s job is as follows: he or she is trying to get the unsecured creditors (i.e. credit cards, medical bills, payday loans, etc.) as much funds possible. If that means selling your unexempt assets (in a Ch7), or requiring a repayment plan to your unsecured creditors, then that’s what the Trustee will do.

In a St Louis Chapter 7, that means that any unexempt property you own could be liquidated (and the proceeds paid to the unsecured creditors). In a St Louis Chapter 13, the Trustee could demand that your monthly plan payment include enough money to pay back unsecured creditors (up to the value of your unexempt property).

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In order to protect your assets, the state of Missouri has a set of “exemptions” that can be applied to certain property. For instance, there is a Homestead Exemption of up to $15,000 to cover any equity that exists in the home in which you live. If the equity in your real estate exceeds 15K, then that could potentially lead to a liquidation of your home by the Trustee (by not always, because there are certain remedies to avoid this outcome, like a Ch13).

If that sounds like a strange calculation, then welcome to the world of bankruptcy!! But this is exactly why it is so terribly important to hire an experienced St Louis bankruptcy attorney to help guide you through the process! A good lawyer is going to know how to make sure your assets (whether it is real estate, automobiles, bank accounts, or tax refunds) are kept safe!!

All you need to do is get in touch with us (as soon as possible)! Give us a call, shoot us a text, send us an email, or fill out an online form! We will answer all your questions, fully describe your range of options and rights, and make sure that you well informed at each step of the process!

The affordable St. Louis bankruptcy attorneys at Brinkman & Alter, LLC have been saving and protecting people’s assets for years. Our goal is to make sure that you keep the assets and property you want, discharge the debts that you want to get rid of, and do it all at an affordable cost to you. All phone conversations and office consultations are free of charge.