A case trustee is appointed by the U.S. trustee after a chapter 7 petition has been filed. This person is in charge of the case's administration and liquidation of any assets that have been designated nonexempt.
If a debtor has assets that are all exempt, then no disbursement will be made to the unsecured creditors and the case trustee will usually file a report with the court specifying "no assets."
Beginning the date the claim was filed, governmental units will have 180 days to file a claim but unsecured creditors only have 90 days following the first date set for the creditors' meeting. In most Chapter 7 cases, there will not be any distribution, so creditors usually will not need to file proofs of claim.
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What does a trustee do?
The main action the trustee performs in cases involving assets is to liquidate the nonexempt possessions of a debtor to give the greatest return to the debtor's unsecured creditors. The trustee will only sell the property of the debtor that is nonexempt and clear of liens.
Furthermore, if the debtor is a business, not an individual, the trustee could be given the authority to conduct business operations for a restricted amount of time if has been determined that doing so would augment the estate's liquidation and be advantageous to creditors.
In Chapter 7 bankruptcy, the debtor's main priorities should be to keep their property that is exempt from liquidation and acquire a discharge encompassing as many of their debts as possible.
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