In a bankruptcy, a trustee
A)is required to draw up a petition listing all of your assets and liabilities.
B)will have to pay a filing fee.
C)is appointed by a 'banker'
D)seeks absolution from alimony and child support payments.
E)repays educational loans first.

Question

Quizplus · Accepted Answer

A trustee is responsible for managing and administering the bankruptcy estate, which includes collecting and selling the debtor's non-exempt assets and distributing the proceeds to creditors. To do so, they are required to draw up a petition listing all of the debtor's assets and liabilities.

In a Bankruptcy, a Trustee