Making the decision to file for bankruptcy when facing financial challenges can be very difficult for Florida residents. One challenge is to determine which type of bankruptcy is right for a particular situation. For those people who choose to file for a Chapter 13 bankruptcy, it can be important to understand how the plan trustee is involved and what they can expect along the way.
As indicated by the United States Court website, a United States Trustee will appoint a Chapter 13 trustee to a single Chapter 13 bankruptcy case. This person will play a primary role in overseeing all aspects of the plan for the duration of the repayment terms. One of the first things that the trustee will do is to organize a meeting with all creditors as well as the debtor or debtors if a case is being filed jointly by spouses. It is here that some of the terms of the repayment plan can be identified giving first consideration to those debts deemed to be priority such as costs associated with the bankruptcy. Other secured and unsecured debts will be factored in to the repayment plan based upon the guidelines of the law.