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Meaning / Definition of
Bankruptcy Trustee
Categories: Credit and Debt, Legal, ,
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.
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