Trustee Definition

Trustee – the Code has different types of “trustees.” They represent the bankruptcy estate and as the estate representative can sue or be sued. A Chapter 7 trustee is responsible for gathering estate assets, and selling them; objecting to claims; and preparing a final accounting of all liquidated assets so that the sale proceeds can be paid to the creditors pro rata. The trustee also investigates the Debtor’s finances and objects to discharge where the law is not complied with.