What is the trustee in bankruptcy and what is the role of the trustee in bankruptcy proceedings? What powers and duties does the trustee have and what sorts of transactions the trustee can attack?
The trustee in bankruptcy is the representative of the estate. Under Chapter 7, the trustee is responsible for collecting, liquidating, and distributing the debtor's estate. The duties and powers of the trustee include: 1. to collect the property of the estate; 2. to challenge certain transfers of property of the estate; 3. to use, sell, or lease property of the estate; 4. to deposit or invest the money of the estate; 5. to employ disinterested professionals such as attorneys, accountants, appraisers, or auctioneers; 6. to assume or reject any executory contract or unexpired lease of the debtor; 7. to object to creditors' claims that are improper; and 8. to oppose, if advisable, the debtor's discharge. Trustees under Chapters 11 and 13 perform some but not all of the duties of a Chapter 7 trustee. The trustee can attack voidable preferences and fraudulent transfers and upon doing so to bring property into the debtor's estate for distribution to creditors.
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