Bankruptcy Forms: Filing Bankruptcy Chapter 7 Bankruptcy Software Chapter 13

The Center For Debt Management
Center4DebtManagement.com ... Always open 24 / 7

Note: For affordable legal assistance The Center For Debt Management highly recommends Standard Legal's Do-It-Yourself Bankruptcy Forms Software Kits. For credit repair services,
the most trusted law firm in America with over 15 years of experience is Lexington Law Firm.

For more bankruptcy help and bankruptcy alternatives, go to Bankruptcy Resources



TITLE 11–BANKRUPTCY

CHAPTER 7–LIQUIDATION

Sub Chapter – Officers and Administration

Sec. 704. Duties of trustee

  The trustee shall--
        (1) collect and reduce to money the property of the estate for 
    which such trustee serves, and close such estate as expeditiously as 
    is compatible with the best interests of parties in interest;
        (2) be accountable for all property received;
        (3) ensure that the debtor shall perform his intention as 
    specified in section 521(2)(B) of this title;
        (4) investigate the financial affairs of the debtor;
        (5) if a purpose would be served, examine proofs of claims and 
    object to the allowance of any claim that is improper;
        (6) if advisable, oppose the discharge of the debtor;
        (7) unless the court orders otherwise, furnish such information 
    concerning the estate and the estate's administration as is 
    requested by a party in interest;
        (8) if the business of the debtor is authorized to be operated, 
    file with the court, with the United States trustee, and with any 
    governmental unit charged with responsibility for collection or 
    determination of any tax arising out of such operation, periodic 
    reports and summaries of the operation of such business, including a 
    statement of receipts and disbursements, and such other information 
    as the United States trustee or the court requires; and
        (9) make a final report and file a final account of the 
    administration of the estate with the court and with the United 
    States trustee.

(Pub. L. 95-598, Nov. 6, 1978, 92 Stat. 2605; Pub. L. 98-353, title III, 
Secs. 311(a), 474, July 10, 1984, 98 Stat. 355, 381; Pub. L. 99-554, 
title II, Sec. 217, Oct. 27, 1986, 100 Stat. 3100.)


                      Historical and Revision Notes

                         legislative statements

    Section 704(8) of the Senate amendment is deleted in the House 
amendment. Trustees should give constructive notice of the commencement 
of the case in the manner specified under section 549(c) of title 11.


                        senate report no. 95-989

    The essential duties of the trustee are enumerated in this section. 
Others, or elaborations on these, may be prescribed by the Rules of 
Bankruptcy Procedure to the extent not inconsistent with those 
prescribed by this section. The duties are derived from section 47a of 
the Bankruptcy Act [section 75(a) of former title 11].
    The trustee's principal duty is to collect and reduce to money the 
property of the estate for which he serves, and to close up the estate 
as expeditiously as is compatible with the best interests of parties in 
interest. He must be accountable for all property received, and must 
investigate the financial affairs of the debtor. If a purpose would be 
served (such as if there are assets that will be distributed), the 
trustee is required to examine proofs of claims and object to the 
allowance of any claim that is improper. If advisable, the trustee must 
oppose the discharge of the debtor, which is for the benefit of general 
unsecured creditors whom the trustee represents.
    The trustee is responsible to furnish such information concerning 
the estate and its administration as is requested by a party in 
interest. If the business of the debtor is authorized to be operated, 
then the trustee is required to file with governmental units charged 
with the responsibility for collection or determination of any tax 
arising out of the operation of the business periodic reports and 
summaries of the operation, including a statement of receipts and 
disbursements, and such other information as the court requires. He is 
required to give constructive notice of the commencement of the case in 
the manner specified under section 342(b).


                               Amendments

    1986--Par. (8). Pub. L. 99-554, Sec. 217(1), inserted ``, with the 
United States trustee,'' after ``with the court'' and ``the United 
States trustee or'' after ``information as''.
    Par. (9). Pub. L. 99-554, Sec. 217(2), inserted ``with the United 
States trustee'' after ``court''.
    1984--Par. (1). Pub. L. 98-353, Sec. 474, substituted ``close such 
estate'' for ``close up such estate''.
    Pars. (3) to (9). Pub. L. 98-353, Sec. 311(a), added par. (3) and 
redesignated former pars. (3) to (8) as (4) to (9), respectively.


                    Effective Date of 1986 Amendment

    Effective date and applicability of amendment by Pub. L. 99-554 
dependent upon the judicial district involved, see section 302(d), (e) 
of Pub. L. 99-554, set out as a note under section 581 of Title 28, 
Judiciary and Judicial Procedure.


                    Effective Date of 1984 Amendment

    Amendment by Pub. L. 98-353 effective with respect to cases filed 90 
days after July 10, 1984, see section 552(a) of Pub. L. 98-353, set out 
as a note under section 101 of this title.

                  Section Referred to in Other Sections

    This section is referred to in sections 1106, 1202, 1302, 1304 of 
this title; title 29 section 1342.


Back Index Next

Note: For affordable legal assistance The Center For Debt Management highly recommends Standard Legal's Do-It-Yourself Bankruptcy Forms Software Kits. For credit repair services,
the most trusted law firm in America with over 15 years of experience is Lexington Law Firm.

For more bankruptcy help and bankruptcy alternatives, go to Bankruptcy Resources

Go to Index of Related Articles and Resources!

Click Below To Check Out More Financial Resources

Return to Top

The Center For Debt Management™

Helping Consumers Save Money and Reduce Debt Is Our Only Business!™

We invite you to explore the sectors listed below. We promise that you'll find exceptional values, offers and resources in which to reduce your living expenses and to enjoy life!


Debt Management and Financial Services! The Internet's oldest and most comprehensive debt management agency! Resources for debt management, consumer credit counseling, debt consolidation, debt reduction settlements, legal aid, financial aid, loans and financing, credit repair, credit reports, insurance quotes, income sources, tax assistance, and more.

Established in 1989 and serving the online community since 1992!


This site was created and designed by Daniel A. Gelinas
Disclaimer and Privacy Policy      © Copyright  2007 "The Center For Debt Management"      Contact Us
Return to Top

Legal Resource Center: United States Code TITLE 11 Filing Bankruptcy Forms Software