The basic duty of a trustee is to collect and reduce to cash the property in the bankruptcy estate that is not exempt.

Question

Quizplus · Accepted Answer

This statement accurately describes the duty of a trustee in a bankruptcy case. The trustee is responsible for gathering all non-exempt assets, selling them, and distributing the proceeds to creditors. Exempt property is typically protected from liquidation and remains in the possession of the debtor.

The Basic Duty of a Trustee Is to Collect and Reduce