What Does Your Chapter 7 Trustee Really Think About Your Case

Описание: When you file Chapter 7 bankruptcy in Atlanta, your case will be assigned to a Chapter 7 trustee. In the Northern District of Georgia, most Chapter 7 trustees are private lawyers who handle trustee work part time.

As I discuss in this video, most Chapter 7 filers have very little money and very few assets. As such well over 95% of Chapter 7 cases are “no asset” cases. In these cases the trustee gets paid a flat fee (currently $60) per case to file paperwork documenting that you have no assets to liquidate.

A small percentage of Chapter 7 cases are “asset cases” which gives the trustee the opportunity to liquidate assets for the benefit of creditors. In these asset cases the trustee gets paid a generous hourly rate for his/her trustee functions and he/she can also retain his/her own law firm to represent the office of the trustee. Fees billed by the trustee acting as the trustee and as the lawyer for the trustee can mount quickly since most trustees bill at a hefty hourly rate (sometimes $500 per hour or more).

Because of the financial incentives involved, Chapter 7 trustees like asset cases. This is why you must be entirely truthful with your lawyer about assets you own and income you receive. Further, do not rely on just one source to estimate the value of hard assets since you can be sure that the trustee will assume the highest possible valuation.

Once you file Chapter 7, you cannot dismiss your case because you are unhappy with the actions of an aggressive Chapter 7 trustee. Your best strategy always is to assume the worst case scenario before you file so you can avoid surprises. #chapter7bankruptcy #chapter7trustee #bankruptcyattorneyatlanta
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