When a chapter 7 bankruptcy case is filed a chapter 7 trustee is assigned to the case. While the chapter trustee serves an administrative role, the primary function of the chapter 7 trustee is to get as much money for creditors as possible.
After your bankruptcy petition is filed, the trustee will review your bankruptcy petition, schedules and statements. HE/she will send you a letter and request copies of your last 2 years tax returns, 4-6 months of bank statements, and any documentation on assets you own, such as retirement accounts, life insurance policies, etc. The trustee will carefully review this information and compare it to your bankruptcy petition.
Most of the time, your bankruptcy trustee will be very experienced. He/she will have seen all sorts of cases and usually knows exactly what to look for to retrieve as much as possible for creditors. Most chapter 7 bankruptcy cases do not have assets to turn over to creditors because debtors get bankruptcy exemptions to protect their assets. It is very important to understand these exemptions as they relate to your property, otherwise if there is an asset that is not exempt, the chapter 7 bankruptcy trustee will be happy to take it off your hands.
For this reason and many more, it is VERY important to get an experienced phoenix bankruptcy attorney when considering any bankruptcy case.
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