Oak Park Real Estate & Estate Planning Blog

Whether you are considering the possibility of establishing one or more trusts, you recently established a trust, or you have been named as a trustee for a particular trust, you may have questions about how the process works. The Illinois Trust Code governs most issues pertaining to trusts, including those that a person creates as part of an estate planning process. Yet parsing the Illinois Trust Code can be extremely complicated if you do not have familiarity with trusts more broadly or with statutory language. Accordingly, our experienced Oak Park estate planning lawyers want to provide you with more information about trustees and what they do when a trust has been established. If you have further questions, or if you want to begin the estate planning process in order to create a trust, we can start working with you today. What is a Trustee? In order to understand what a trustee does, it is essential to understand what a trustee is, more broadly. A trustee is a party that is respon...

If you decide to file for Chapter 7 bankruptcy or Chapter 13 bankruptcy , a bankruptcy trustee will be assigned to your case according to U.S. bankruptcy law . Depending upon the type of bankruptcy, the trustee will play different roles and will have a distinct function. Your Oak Park bankruptcy attorney can ensure that you file all materials appropriately and that you do not run into any errors concerning the bankruptcy trustee. In the meantime, we want to provide you with more information about the role the bankruptcy trustee plays in different types of consumer bankruptcy cases. Chapter 7 Bankruptcy and the Trustee’s Role In a Chapter 7 bankruptcy case, the trustee will play a different role than in a Chapter 13 case. Since Chapter 7 bankruptcy is a liquidation bankruptcy, the debtor will need to provide detailed information about all assets (both exempt and non-exempt), and all non-exempt assets will be liquidated (i.e., sold) in order to repay existing creditors. Here is where...

Filing for consumer bankruptcy is an extremely complicated process. Whether you are simply considering bankruptcy as one of your options or have begun to look more carefully into actually filing soon, it is important to learn more about the bankruptcy trustee. In researching Chapter 7 bankruptcy or Chapter 13 bankruptcy , you have likely come across information about the bankruptcy trustee and that person’s role in the process. However, it can be confusing to understand precisely what the trustee does, and what the debtor’s relationship to the trustee will be. The U.S. Department of Justice gives answers to frequently asked questions about the bankruptcy trustee, and we want to provide you with some of that information. Who or What is a Bankruptcy Trustee? First, there is an office of the U.S. Trustee, which is within the U.S. Department of Justice. One of the primary roles of this office is to appoint bankruptcy trustees in Chapter 7 and Chapter 13 bankruptcy cases, as well as to ...