Summary

Description

The USTP oversees approximately 1,100 private trustees who administer chapter 7 asset and no-asset cases. Chapter 7 trustees are responsible for the collection and liquidation of non-exempt assets, and the distribution of funds to creditors in accordance with the Bankruptcy Code's distribution scheme. When a chapter 7 case with assets is closed, the trustee files a final report that accounts for the disposition of assets, as well as the distribution of funds to creditors and to administrative expenses. The data from these final reports are compiled by the USTP for oversight and statistical reporting purposes.