Key Players In Bankruptcy

: Chris Lee Law Firm

  Filed under: Filing Bankruptcy

If you are considering filing for bankruptcy, it is important that you know a little bit about the process before you begin. When it comes to knowing who is involved in your case, it can get a little tricky. Here is a quick explanation of the key people involved in your Fort Worth bankruptcy case:

Debtor— this is you, the person who is filing bankruptcy. This can also include your spouse, if filing together.

Creditor— this is the person(s) or business(es) to whom you owe  money. These are the owners of your loan, line of credit or debt accounts. In bankruptcy, the creditors file a claim against you specifying the amount you owe, but may also include obligations on a contract or for an injury that are not of a specific amount. Creditors can be involved in the bankruptcy process in lots of ways, but tend to be more involved if they have collateral securing their claim.

Bankruptcy Judge— is the person who is in charge of your bankruptcy case. The judge is appointed to review your debts, assets and income level to determine how much, if any, you will repay as part of your case. The judge is also the person who issues the automatic stay order, prohibiting creditors from making collection efforts. They also are in charge of discharging your case when it is complete, or issuing a dismissal if the case is denied.

Bankruptcy Trustee— is the person who “promote the efficiency and protect the integrity of the Federal bankruptcy system. To further the public interest in the just, speedy and economical resolution of cases filed under the Bankruptcy Code, the Program monitors the conduct of bankruptcy parties and private estate trustees, oversees related administrative functions, and acts to ensure compliance with applicable laws and procedures.”

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