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How and why is a Trustee appointed to a Chapter 7 Bankruptcy case? How is a Panel Trustee appointed to a specific case? In those cases, the trustee files a report of no distribution with the Court to indicate there will be no payment to the creditors.
The company’s operations are brought to an end, and its assets are divvied up among creditors and shareholders, according to the priority of their claims. Not all bankruptcies involve liquidation; Chapter 11, for example, involves rehabilitating the bankrupt entity and restructuring its debts.The debtor may not have been granted a Chapter 7 discharge within the previous 6 years.The debtor must not have had a previous bankruptcy dismissed for cause within the last 180 days.In order to file a bankruptcy, the debtor must reside in the location of filing within the greater part of 6 months (91 days).The debtor maybe an individual, married couple, corporation, partnership or trust.