What is the difference between a bankruptcy trustee and a bankruptcy lawyer?

A bankruptcy trustee is a person, appointed by the court, responsible for managing the assets of a debtor who files for bankruptcy. The bankruptcy trustee will review all financial documents, investigate the debtor’s assets, and ensure that the debtor meets all the requirements for a successful filing. The bankruptcy trustee will also manage the sale or liquidation of any assets the debtor may have. A bankruptcy lawyer, on the other hand, is a legal professional who assists a debtor in filing for bankruptcy protection and navigating the legal process involved. A bankruptcy lawyer can help the debtor determine which type of bankruptcy filing to pursue and provide advice on minimizing the impact of the bankruptcy filing. They can also provide representation in court, help the debtor understand their legal rights and obligations, and negotiate with creditors if necessary. In Virginia, the State Corporation Commission acts as the state’s bankruptcy trustee, and must be notified in the case of a bankruptcy filing. A bankruptcy lawyer can work hand in hand with the trustee to ensure the successful completion of a bankruptcy filing, and that all legal requirements are met.

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What is the difference between a bankruptcy trustee and a bankruptcy lawyer?

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