Bankruptcy Trustee: My Complete Guide to US Bankruptcy Law and The 3 Illinois Bankruptcy Districts
What Is a Bankruptcy Trustee?
Office of the U.S. Trustee
The key purposes of the Bankruptcy Code
Some bankruptcy cases are filed to permit a debtor to restructure as well as also develop a method to pay back creditors. If a reorganization is not possible, then the bankruptcy case would entail liquidation of the debtor's property.
How does a bankruptcy case begin?
In countless bankruptcy cases including liquidation of the property of individuals, there is little or no money available from the debtor's estate to pay creditors. Due to this, in these circumstances, there are not many worries or disagreements. The debtor is typically given a discharge from the bankruptcy without objection. Upon obtaining a discharge, the borrower is no longer responsible for repaying the debts.