In general, bankruptcy proceedings involve:
- the debtor – the person who files bankruptcy, also known as “the petitioner”;
- the creditors – any persons, firms or entities that claim the debtor owes them money;
- the trustee – a court-appointed person who administers the bankruptcy proceedings and any property available for distribution to creditors (called the bankruptcy estate). The trustee represents the interests of the unsecured creditors, and is required to liquidate nonexempt assets, to investigate the debtor´s financial affairs, examine creditors´ proofs of claim, provide information to parties in interest, file reports, estate tax returns and recommend, when appropriate, criminal or civil proceedings against the debtor who has committed fraud or other crimes in connection with the case;
- the bankruptcy judge – who presides over any hearings on disputed matters in connection with the case.
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