Bankruptcy law frames the method for the maximum compensation amount for the bankruptcy trustees. After you filed your bankruptcy case in the court, you should submit the financial details such as your assets and liabilities to the court. The bankruptcy trustee supports you to move your trial case on the court.
Are you in serious debt problem? Then speak to the bankruptcy trustee Ottawa and discuss the financial struggle you experience in remitting your monthly bills and other payments. The trustee will guide you for tax matters, consumer proposal, debt consolidation, credit and debt counseling and few others. You need to interact more with a bankruptcy trustee than the judge so it is good to know about the duties of the trustee.
The trustee starts the process by gathering the details of your assets and debtors assets etc. The trustee has the legal right to assess the property of the debtor’s. The person who has a stake in the debtor’s property should transfer the assets right to the bankruptcy trustee. The trustee must also gather the details of the debtors including their financial condition, the list of creditors and income and expenses details. To confirm the financial condition of the debtor, the trustee can make a surprise visit to the debtor’s home and verify their financial condition and also check the pay slips.
It is the duty of the trustee to arrange credit or debit discussion for the bankrupted individuals. The trustee can also participate in the selling decision of the debtor’s properties. If the debtor’s failed to cooperate with the trustee strict action must be taken against him or her.
The trustee payment differs based on the chapters under which you filed your bankruptcy case. In Chapter 7, the payment is based as follows. Do you have any nonexempt property that can be used by the trustee to pay back to your creditors or not? You must pay an administration fee to the trustee so that the trustee can do all the administration work such as check your supporting documents, verify your bankruptcy paperwork, and arrange a meeting with the creditors. The administrative fee comes along with the filing fees when you file your bankruptcy case.
If you there is any nonexempt property in your case, then the bankruptcy case will get additional payments in administering your property in addition to the administrative fees.
The trustee cannot sell your non-exempt property to your creditors in Chapter 13 similar to Chapter 7. To protect all your property, you must agree to pay a portion of your debt amount. The trustees in chapter 13 can get a percentage of your monthly payments to your creditors as administration fee that covers the cost related to running her or his office and the cost of experts hired by the trustee. The percentage of charge is based on your trustee. But the maximum percentage as stated in Chapter 13 is 10% from your monthly plan payments.
But the amount of yearly salary to the trustee is limited to the maximum salary of the federal government employment salary.