Liquidating assets for

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.

liquidating assets for-39

The Panel Trustee must file an objection to the claimed exemptions within 30 days of the Section 341 hearing.

The Panel Trustee will seek turnover of assets held by the debtor or other parties and will arrange for their eventual sale.

The interim trustee serves until a permanent trustee is elected or designated at the Section 341 hearing.

If a trustee is not elected or designated at the Section 341 hearing, the interim trustee will then serve as the permanent trustee.

The United States Trustee usually institutes a program at the local level which insures that a Panel Trustee is selected on a random basis to handle all Chapter 7 bankruptcy cases.

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