The Panel Trustee will seek turnover of assets held by the debtor or other parties and will arrange for their eventual sale.
The Panel Trustee may also seek to recover assets conveyed by the debtor prior to the filing of the bankruptcy.
The Panel Trustee specifically reviews the debtor's exemption schedules to determine whether the debtor has properly followed the state or federal exemption laws.
The Panel Trustee formulates questions to ask the debtor at the Section 341 hearing regarding the debtor's assets, liabilities, income and expenses.
After the Section 341 hearing, the Panel Trustee will object to exemptions that have been improperly claimed.
The Panel Trustee must file an objection to the claimed exemptions within 30 days of the Section 341 hearing.
The cash ratio measures the extent to which a corporation or other entity can quickly liquidate assets and cover short-term liabilities, and therefore is of interest to short-term creditors.
How and why is a Trustee appointed to a Chapter 7 Bankruptcy case? How is a Panel Trustee appointed to a specific case? In those cases, the trustee files a report of no distribution with the Court to indicate there will be no payment to the creditors.
In order to file a bankruptcy, the debtor must reside in the location of filing within the greater part of 6 months (91 days).
The Panel Trustee serves as the hearing officer for the 341 hearing.
Each debtor is sworn and examined by the Panel Trustee and the creditors are allowed the opportunity to ask questions which is moderated by the Panel Trustee.
A Panel Trustee is appointed in each Chapter 7 case to review the bankruptcy petition and schedules filed with the Court and to determine if the debtor has any non-exempt assets available for distribution to creditors. Many chapter 7 trustees are also attorneys or accountants who continue to practice their profession after appointment to the panel.
The Panel Trustee is required to be independent and works primarily for the benefit of the debtor's unsecured creditors. Department of Justice) to administer bankruptcy cases under chapter 7 of the U. Each Panel Trustee must pass a FBI background check and is required to post a bond in each case that he/she is appointed.