Your Chicago bankruptcy attorney will explain that everyone who files a
Chapter 13 bankruptcy will become intimately familiar with their trustee. You'll be assigned a Chapter 13 trustee who will administer your
Chapter 13 bankruptcy case. The Chapter 13 trustee assists your creditors in getting paid.
Chicago Bankruptcy Attorney and Chapter 13 Trustee Meeting
You will first meet your Chapter 13 trustee at the 341 meeting. The 341 meeting is when you and your creditors get together to determine how much you actually owe, how much you can afford to pay back and the priority of your debts. Your creditors may show up, many may not. They may also bring their attorneys with them to the 341 meeting as well. Of course, you will have your attorney with you. The Chapter 13 trustee will host the meeting and try to make decisions that are fair to both parties.
Chicago Bankruptcy Attorney and Chapter 13 Trustee's Obligations
Your Chapter 13 trustee will need to know everything about your finances. They are charged with approving a repayment plan that is equitable to all of your creditors but also that you can afford. Each month, you make your Chapter 13 plan payments to the Chapter 13 trustee. If you fail to make the payments, the Chapter 13 trustee will ask the bankruptcy judge assigned to your case to dismiss your Chapter 13. So the Chapter 13 trustee really wants you to succeed.
You will be required to take a financial management course to be approved for bankruptcy. This course may actually be taught by your Chapter 13 trustee. In addition to the requirement to take and pass the course, you have to take the class from a qualified instructor, so it's important to follow the advice of your Chapter 13 trustee and Chicago bankruptcy attorney.