Role of Chapter 7 Bankruptcy Trustee in Minneapolis

The trustee, a person appointed by the court to oversee your case, is a key player in the bankruptcy process. The role of a Chapter 7 bankruptcy trustee in Minneapolis includes reviewing your financial documents, selling non-exempt assets, and distributing funds to creditors. 

If you are overwhelmed with debt and believe filing for bankruptcy could be your best option, you should consider contacting our firm, Walker & Walker Law Offices, PLLC. We have seven locations in the state, and our talented Chapter 7 bankruptcy attorneys are available to help you.

What Does the Trustee Do?

A Chapter 7 trustee is a court-appointed individual who plays a neutral role during the bankruptcy process in Minneapolis. Their job is simply to manage the case and make sure that the law is obeyed. They do not represent your interests or those of the creditors. Instead, their responsibilities include:

• Reviewing your bankruptcy petition and financial documents
• Holding the 341 meeting
• Selling non-exempt assets to repay creditors
• Objecting to improper exemptions or dishonest filings

Often, the trustee does not find any assets to sell. In this case, you keep everything you own.

The 341 Meeting

Part of a Minneapolis Chapter 7 bankruptcy trustee’s role involves conducting the 341 meeting, which is a short hearing also referred to as the meeting of creditors. At this hearing, you will answer a few questions under oath. You must confirm your identity and that your paperwork is accurate. This is usually a quick meeting, and the case moves toward discharge at its closing. Creditors are welcome to appear at this hearing, although they usually do not. This meeting is likely the only direct interaction you will have with the trustee.

Does the Trustee Take Your Property?

In most Chapter 7 cases, the trustee does not take any property, as the state has generous exemption laws in place protecting your home, car, household items, and retirement savings. However, the trustee does have a responsibility to determine whether you have anything that is considered non-exempt, such as a second car or luxury vehicle, a vacation home, or designer items.

If the trustee does find such property, they could sell it to pay creditors. The purpose of this part of the trustee’s obligations is to ensure fairness to the creditors while also allowing you to remain in possession of your most important property during a Minneapolis Chapter 7 bankruptcy filing.

Contact a Minneapolis Attorney To Discuss the Trustee’s Role in Chapter 7 Bankruptcy

When you work with our firm, we prepare you for each stage of your proceedings and ensure you understand the role of Chapter 7 bankruptcy trustee in Minneapolis. We check that your documents are accurate and complete before filing, identify what property is exempt, accompany you to the 341 meeting, and handle communication with the trustee. We could also help you improve your credit score after bankruptcy and protect you if creditors attempt any illegal actions.

If you are considering bankruptcy, the experienced attorneys at Walker & Walker Law Offices, PLLC, are here to assist you. Contact us today and schedule a consultation to discuss whether Chapter 7 bankruptcy is right for you.