"Chapter 11 Bankruptcy Trustee New York"

In most New York bankruptcy cases, a Chapter 11 trustee is not appointed. The debtor retains possession of all assets and is permitted to continue business operations. However, based upon an objection filed by a creditor, or upon the courts own motion, a trustee may be appointed. Generally, the appointment of a trustee is based upon a debtor's failure to comply with statutory requirements. New York bankruptcy trustees tend to specialize by chapter of expertise.

Bankruptcy terminology tends to highly technical, complex, and somewhat confusing to general practioners. For consumer debtors filing for the first time, the terms and phrases can be daunting. The most accurate means of resolving questions of law necessarily relies upon the advice and counsel of local lawyers and law firms who are familiar with customs within the Division and District in which they practice. Attorneys who regularly practice before federal courts must be licensed not only by the New York State Bar, but also by the Federal Court for each Division. This additional license requires familiarity with local rules and the recommendation of other attorneys who previously received federal approval. Also be aware, federal employees are prohibited to provide parties in interest what may be deemed as legal advice.

Back to New York Bankruptcy Court common words & phrases table of contents.