What Is Chapter 7 Bankruptcy

What is a case trustee under Chapter 7?

In cases under Chapter 7 of the Bankruptcy Code, a “trustee” is appointed to administer the estate. The trustee’s responsibilities include collecting and liquidating the estate’s property, investigating the financial affairs of the debtor, examining and possibly objecting to claims filed by creditors, and where appropriate, operating the debtor’s business. These duties encompass responsibility for recovering pre-petition transfers of property made by the debtor through fraudulent conveyances, avoidable preferences, or otherwise. If warranted, the trustee may also object to the debtor’s discharge. It is important for those considering bankruptcy to understand how the system works and how their case will proceed before they file. No two cases and no two clients are exactly the same. Get the personalized attention you deserve with the attorneys at Aucoin & Younkin, LLC Columbus Ohio Bankruptcy Attorney. Call us anytime at (614) 464-4100. We’re here to help.
chapter 7
The concept of the “fresh start” for an honest but unfortunate debtor is central to modern American bankruptcy law. The debtor surrenders his or her non-exempt assets to the trustee and receives a second chance to make a go of things. The fresh start is provided mainly through the discharge from debts and the ability to retain limited “exempt” property deemed necessary for life in a modern society. For most debtors, discharge is the most important aspect of bankruptcy. Eligible debtors are relieved from most of their debts. Freed from their past obligations, debtors have a renewed incentive to engage in economically productive efforts knowing that they will be able to retain the fruits of their revived efforts. Provisions permitting debtors to retain property as “exempt” enhance the effect of the discharge by providing debtors with the tools they need to continue in life. Before filing bankruptcy, it is important to speak with a knowledgeable attorney that knows how to use the exemption laws to your advantage. Be sure you keep what you have the right to keep!

Aucoin & Younkin Attorneys at Law
577 South High Street, Columbus, OH 43215-5606
(614) 464-4100

Have you checked your credit report lately?
Many people don’t know that the Fair and Accurate Credit Transactions Act of 2003 entitles all Ohio consumers the right to obtain a free credit file disclosure, commonly called a credit report, once every 12 months from each of the nationwide consumer credit reporting companies: Equifax, Experian and TransUnion. You may go online to order your free reports at: www.annualcreditreport.com.
Your credit report could contain erroneous information. Errors can be expensive for you because they can translate into higher interest rates to borrow money. Report any inaccuracies immediately to the agency that made the error.
It is important to check all three major consumer credit reporting companies because each company puts together its report differently. There may be items that appear on one report that are left off others. It is important to be sure that your credit report is true and accurate.

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