Will the Trustee Monitor my Spending?
Posted By
Majed on Apr 8, 2011 10:04am PDT
No. The role of the trustee is to monitor the bankruptcy estate, which primarily consists of your assets on the date that bankruptcy is filed and before. Additionally, the trustee ensures that the debtor was veracious in its dealings with the court. Any information that the trustee or court asks the debtor for the debtor must comply. However, it is not the traditional role of the trustee to monitor the debtor’s financial circumstances from the filing date forward.
Bankruptcy can be an excellent tool for a debtor to climb out of a financial hole. However it is the responsibility of the debtor to make that change and take control of his/her finances. Bankruptcy offers the tools, through credit counseling and a discharge, to allow the debtor to start over with a more sound financial plan.