A bankruptcy trustee happens to be an administrator who is appointed to a case of debt by the United States Trustee. He is supposed to represent the estate of the debtor in a case of bankruptcy. He makes assessments as well as offers important suggestions about different types of demands of debtors according to the United States Bankruptcy Code. If you file for bankruptcy, such a person would be assigned by the United States Trustee to your case.  The responsibilities of a bankruptcy trustee in North Bay vary on the basis of which kind of bankruptcy has been filed.

Chapter 7 Bankruptcy

In this case, liquidation is actually the action involved. The asset sale would be managed by the trustee, and the proceeds distribution to creditors would be supervised. The trustee has to monitor the entire assets liquidation process, and pay the creditors back.

Chapter 11 Bankruptcy

A trustee assists in the rearrangement of the assets, debts and business obligations of the debtor – a scenario that is typically associated with a corporation. In this type of proceeding, it is hoped by the debtor that he would come out of bankruptcy and resume normal operations.

Chapter 13 Bankruptcy

In this type of bankruptcy, people like to retain a few of their own assets in exchange for the repayment of some debts. In such a proceeding, a trustee offers assistance to a person who is trying to retain a few assets by making debt repayment over a period on some type of payment plan.

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