Chapter 7 Bankruptcy Trustees would typically do the following.
- Review your bankruptcy petition and documents - This is done to carefully review and verify information and calculations on your financial documents.
- Appraise the filer under oath - At this hearing, which happens one month after you have filed for bankruptcy, the trustee will ask you questions about the financial documentation you have provided. (Creditors may also come to this hearing to ask questions about your finances. They usually don’t unless they feel you have something to hide.)
- Liquidate non- exempt assets - The trustee takes and determines the value of all non- exempt property you own. He/she would then sell it and give the proceeds to your creditors.
