Bankruptcy Law - The United States Trustees Program
United States
In this economy, bankruptcy has become an even more important choice than it was just a few short years ago. We live in very uncertain economic times, and more and more responsible Americans are finding themselves facing heavy debts and few ways out. The US Bankruptcy Code allows these people a way out of their debts by providing them with various protections from creditors. Each chapter of this code provides different protections and rules for the restructuring or settling of debts.
While many people are familiar with the basics of declaring bankruptcy, you may not be familiar with the United States Trustees Program. These Trustees play an important part in bankruptcy law, and the success of your case may very well rest on them. They are agents tied to the Department of Justice, and they are tasked with the administration and oversight of bankruptcy cases in the United States.
Who Are They?
The United States is divided into 21 jurisdictions based on geography, with one Trustee in charge of each jurisdiction. The Trustees are appointed to five-year terms by the Attorney General, who has overall supervision of the program.
Each Trustee serves as an officer and representative of the Department of Justice, and is tasked with assembling and maintaining a panel of bankruptcy trustees. An officer serving underneath the Trustee is stationed in each judicial district within the Trustee's region, with the exception of North Carolina and Alabama, which chose not to be administered by the program.
Duties
The United States Trustees are tasked with helping supervise the bankruptcy process. There are two main duties with which these officers of the Department of Justice are tasked:
· The general oversight and administration of bankruptcy cases in the United States. This is a large overview task, and many Americans may never deal with the Trustees' Office on this level.
· The supervision of all Chapter 7 cases. Chapter 7 bankruptcy is the most common types of bankruptcy in the United States, and can be filed by either businesses or individuals. In this form of bankruptcy, property is liquidated and sold to repay debts. Trustees provide oversight for this, and work with the filer.
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Orignal From: Bankruptcy Law - The United States Trustees Program
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