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Simple English definitions for legal terms
United States trustee
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A quick definition of United States trustee:
A United States Trustee is a person appointed by the Attorney General to help with bankruptcy cases. They do things like choosing bankruptcy trustees for Chapter 7 and Chapter 11 cases. A bankruptcy trustee is a person who helps manage a bankruptcy case. They collect and sell the things the person in bankruptcy owns, and use the money to pay back the people they owe. The United States Trustee makes sure everything is done fairly and according to the law.
A more thorough explanation:
A United States trustee is a federal official appointed by the Attorney General to perform administrative tasks in the bankruptcy process. They appoint bankruptcy trustees in Chapter 7 and Chapter 11 cases. In bankruptcy cases, a trustee is a person appointed to administer the bankruptcy estate during the case.
- Corporate trustee: A bank or trust company that is empowered by its charter to act as a trustee.
- Testamentary trustee: A trustee appointed by or acting under a will to carry out a trust created by a will.
- Bankruptcy trustee: A person appointed by the U.S. Trustee or elected by creditors or appointed by a judge to administer the bankruptcy estate during a bankruptcy case.
These examples illustrate the different types of trustees that exist. A corporate trustee is a bank or trust company that acts as a trustee, while a testamentary trustee is appointed under a will. In bankruptcy cases, a trustee is appointed to administer the bankruptcy estate during the case.
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