- Instructor: Attorney Bob Schaller
- Lectures: 3
- Quizzes: 1
The Role of the Chapter 7 Panel Trustee.
The U.S. trustee must be distinguished from a Chapter 7 panel trustee. This chapter focuses on the Chapter 7 panel trustee.
The U.S. trustee in each district has assembled a pool of private people to act as Chapter 7 trustees. These people are typically attorneys. These people are generally experienced bankruptcy practitioners that maintain both a private practice representing bankruptcy clients (debtors and creditors) and a quasi-governmental practice representing bankruptcy estates as Chapter 7 panel trustees. The panel trustees are compensated by a statutory fee per case plus additional fees for liquidating “asset” cases.
The U.S. trustee appoints an impartial Chapter 7 panel trustee to administer each bankruptcy case promptly after the bankruptcy petition is filed with the clerk of the court. 11 U.S.C. § 701. The appointment is performed randomly in each case by the computer system maintained by the clerk of the court.
Tax LawThe Chapter 7 panel trustee is the liquidator of assets and disbursing agent. The trustee also conducts the Section 341 meeting of creditors.