Question

In many cases the case trustee determines the case is a no-asset case and there is...

In many cases the case trustee determines the case is a no-asset case and there is nothing to distribute to creditors.

True

False

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Answer #1

Answer-

The statement is False.

The trustee does not determine the case of no asset. He mediates the no asset case on behalf of court.

In no-asset case during filing of no asset case the court alerts creditors that you’ve filed for bankruptcy by sending out a notice. The notice includes the bankruptcy case number, the name of the trustee, and states whether it’s an asset or a no-asset case.

The bankruptcy trustee's job is to get as much money as possible for your unsecured creditors as the secured creditors whose debt is secured by collateral. The trustee does this by taking the property, selling it, and distributing the proceeds to the creditors.

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