What Powers Does the Bankruptcy Trustee Have?
Bankruptcy Issues in Chapter 7
In a Chapter 7 bankruptcy, the Bankruptcy Trustee will try to locate and sell assets owned by the debtor. In most Chapter 7 cases, the debtor has no assets worth liquidating. Additionally, the Bankruptcy Code provides exemptions from liquidation. In most states, state law provides those exemptions. If the available exemptions do not fully protect an asset, it is possible to negotiate a deal with the Trustee.