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Players in Bankruptcy

Posted by attorney Dwayne Farnsworth

Bankruptcy judges are Part of the federal judicial system and are the the objective decision-makers that hear evidence on factual matters, and apply the laws and statutes on legal matters to the bankruptcy cases before the court.

Bankruptcy Court Clerks and administrative personnel assist in the effective and efficient administration of bankruptcy cases.

The Bankruptcy Trustees work under the authority of the US Department of Justice and are charged with the responsibility of making certain that the bankruptcy laws are honestly and fairly applied to cases before the court. To a large degree, the most basic responsibility of a Case Trustee is to ascertain which assets of the debtor are subject to liquidation, and to assert control over such assets in order that the proceeds from the sale of these assets can be distributed fairly and equitably amongst the debtor’s creditors.

Creditors are parties which hold claims of indebtedness against the debtors.

Creditor’s attorneys are professionals that represent the interests of creditors in bankruptcy proceedings and bankruptcy estates.

Debtors are individuals or entities which owe money to creditors.

Debtor’s attorneys are professionals that advise and counsel debtors, help them to prepare than necessary paperwork to file bankruptcy, and represent their legal interests throughout the bankruptcy proceedings and in bankruptcy estate administration.

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