Bankruptcy trustee plays a crucial role by representing the debtor’s case in court. A bankruptcy trustee is delegated by the United States Trustee to closely examine the case to bring forth hidden assets of the debtor. The trustee investigates the debtor’s assets, funds and other resources that can be utilized to pay the creditor.
In short, it is a government body that mediates between the debtor and the creditor to obtain the best results for both creditor and debtor.
How can the debtor make his case strong?
The debtor must abide by and cooperate with the Bankruptcy trustee to make his case under Chapter 7. The debtor’s case is first represented under Chapter 13, wherein he needs to pay the creditor in installments. The case can swing to Chapter 7 once the court finds debtor unable to pay his creditors. It is here that the Bankruptcy trustee makes their presence. They analyze the wealth of the debtor and finds means to pay the creditor. If they find enough funds, they can swing back the case to Chapter 13.
The debtor must go with the bankruptcy trustee and satisfy all their queries. The debtor needs to submit details of his latest income tax returns, within the first week of their meeting. With the tax report, the bankruptcy trustee can get the detail of the debtor’s present financial situation. If the debtor is not able to submit his tax returns within a week and is trying to hedge; the trustee can take stringent action against the debtor. The trustee can dismiss the case under Chapter 7 and move the case to Chapter 13 bankruptcy.
Importance of tax return
Not presenting the tax return documents puts the debtor in a bad light, showing ignorance and negligence on part of the debtor. The USA government is very particular about maintaining tax files and an unorganized and poor presentation or failing to produce any tax documents can put the debtor in the spot. The debtor’s case can be dismissed altogether. It is best to consult professionals and represent your case rightly to get the best result. You can connect with https://bankruptcy.recoverylawgroup.com/ to procure favorable result.
Filing your case second time under Chapter 7
The debtor’s case can be rejected by the trustee for not being satisfied by the documents and collaboration with the debtor. However, once rejected the debtor can file their case again. This will not be easy, and the case will be scrutinized thoroughly. The proceedings will attract fees and will have a time frame of 30 days only. The case must be wrapped within 30 days. The debtor can make his case strong the second time by convincing the court that he is genuine and is filing because he didn’t get justice, he deserved the first time. It is easy for the court to dismiss your case the second time on accord of misuse of law for your benefit.
Why go for a hassle second time when you can get the best in the first time. A little negligence can prove to be an expensive affair. In the first time, you are getting the benefit of presenting your case in the best manner. You need to cooperate with the Bankruptcy trustee and present your documents tax return papers on time. The bankruptcy trustee is very cooperative and offers the debtor enough time to present his documents. The debtor who cooperated got past the case with their assets consolidated.
However, if the debtor tries to hedge or shows negligence, the bankruptcy trustee warns and dismisses the case. The benefit of filing the case the first time is, the debtor must not pay the fees of court proceedings and the case may likely fall in his side if of course he is honest. The debtor can call and consult on this number (888-297-6203) for any advice and consultation.