St. Louis Chapter 7 Trustee
When a St. Louis Chapter 7 is filed, the case is administered by a Trustee. This person is appointed by the United States Trustee, which is a division of the US Department of Justice. The Chapter 7 Trustee’s job is to determine if there are any assets to be liquidated. If there are assets that the Trustee can liquidate, he/she will use the proceeds to pay towards the unsecured creditors that are to be discharged.
There are a number of typical assets that a Trustee might wish to administer upon in a St. Louis bankruptcy. These things would include an automobile or house that has a great deal of equity, a large tax refund, a bank account with a very high balance, or personal injury or workman’s compensation case that may result in a large settlement. But just because the Missouri Chapter 7 Trustee may believe that there is an asset that he/she has a right to go after, this does not necessarily mean that you will lose ownership of the property in question. There are opportunities to exempt the property so as to ensure that the Trustee will not get his/her hands on it, and there is always the chance that some sort of deal can be reached wherein you buy-out the equity.
An experienced St. Louis bankruptcy lawyer will know exactly what can and cannot be exempt, and should be able to tell you precisely which assets you own that are potentially at risk. The St. Louis bankruptcy attorneys at The Law Office of Jennifer Alter-Rieken have been dealing with the Chapter 7 Trustees in the Eastern District of Missouri and the Southern District of Illinois for years. We have the requisite knowledge and experience in handling various scenarios that may arise, and have protected and/or saved tens of millions of dollars in assets. Our goal is to discharge all of your unsecured debt, give you the chance to keep all your property, and to do so at an affordable price.