Definition from Nolo’s Plain-English Law Dictionary
A person appointed by the court to oversee a bankruptcy case. In a Chapter 7 case, the trustee's role is to gather the debtor's nonexempt property, sell it, and distribute the proceeds to creditors. In a Chapter 13 case, the trustee's role is to receive the debtor's monthly payments and distribute them to creditors. Businesses can file for Chapter 11 bankruptcy.
Definition provided by Nolo’s Plain-English Law Dictionary.
August 19, 2010, 5:11 pm