Understanding Iowa Bankruptcy Trustees: Key Roles Explained
When you file for bankruptcy in Iowa, the Iowa bankruptcy trustee is automatically assigned to your case. The trustee plays a crucial role in protecting the bankruptcy estate, which encompasses all your assets at the time of filing.
One of the trustee’s main responsibilities is to distinguish between exempt assets and non-exempt assets. Exempt assets are safeguarded by law and cannot be sold to pay creditors, allowing you to keep them. Conversely, non-exempt assets may be liquidated (sold) to repay your creditors.
Beyond managing assets, the trustee oversees the entire bankruptcy process. This includes leading the 341 Meeting of Creditors, a mandatory meeting where your financial information is reviewed and any concerns can be addressed. The trustee also has the authority to take legal action to recover assets and protect the integrity of the estate if there’s any indication of fraud.
The Trustee Responsibilities in Chapter 7 vs. Chapter 13 Bankruptcy
The duties of the Iowa bankruptcy trustee vary significantly depending on the type of bankruptcy filed. In a Chapter 7 case, the trustee’s main objective is to identify and sell non-exempt assets to distribute the proceeds among creditors.
Conversely, a Chapter 13 trustee primarily focuses on administering the debtor’s repayment plan. Their role is to ensure the plan adheres to court approval and all legal stipulations. While Chapter 13 often allows debtors to retain non-exempt assets, individuals also have the option to surrender such assets for liquidation.
Distinguishing the Bankruptcy Trustee from the Office of the U.S. Trustee
It’s crucial to understand the difference between the Iowa Bankruptcy Trustee, who is a private individual appointed to manage the specifics of your bankruptcy case. The Office of the U.S. Trustee is a division within the Department of Justice. U.S.T.’s office provides nationwide oversight of bankruptcy trustees.
Their responsibilities include ensuring that trustees fulfill their duties ethically and in compliance with the Bankruptcy Code and prosecuting instances of bankruptcy fraud.
Chapter 7 Trustees in the Northern District of Iowa
Larry S. Eide
P.O. Box 1588
103 East State St., Suite 800
Mason City, IA 50402 -1588
E-mail: eide@pappajohnlaw.com
Phone: (641) 423-4264
Wil L. Forker
701 Pierce Street, Suite 303
Sioux City, IA 51101
E-mail: forkerlaw@yahoo.com
Phone: (712) 252-1395
Robert C. Gainer
1307 50th Street
West Des Moines, IA 50266
E-mail: RGainer@cutlerfirm.com
Phone: (515) 223-6600
Nicole B. Hughes
25 Main Place, Suite 200
Council Bluffs, IA 51503
E-mail: nhughes@telpnerlaw.com
Phone: (712) 325-9000
Chapter 7 Trustees in the Southern District of Iowa
Robert C. Gainer
1307 50th Street
West Des Moines, IA 50266
E-mail: RGainer@cutlerfirm.com
Phone: (515) 223-6600
Nicole B. Hughes
25 Main Place, Suite 200
Council Bluffs, IA 51503
E-mail: nhughes@telpnerlaw.com
Phone: (712) 325-9000
Charles L. Smith
25 Main Place, Suite 200
Council Bluffs, IA 51503
E-mail: csmith@telpnerlaw.com
Phone: (712) 325-9000
Chapter 13 Trustee in the Northern District of Iowa
Carol F. Dunbar
2616 Orchard Drive, Suite B
Cedar Falls, IA 50613
E-mail: cdunbar@iowachapter13.com
Phone: (319) 260-2282
Chapter 13 Trustee in the Southern District of Iowa
Carol F. Dunbar
2616 Orchard Drive, Suite B
Cedar Falls, IA 50613
E-mail: cdunbar@iowachapter13.com
Phone: (319) 260-2282
Information regarding the Iowa Bankruptcy Court System is available via this link.
Colleges and universities can purchase my bankruptcy law textbook directly from Routledge Publishing. Paralegals and students who are buying single copies can do so via Amazon Books. To access my YouTube channel, click this link. You can also listen to my podcast on Spotify.
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You can learn more about filing for bankruptcy and the bankruptcy petition via this link. Information on the bankruptcy court system, contact information for trustees, and your state’s exemptions can be found here. The federal bankruptcy exemptions are listed here. The latest version of the 341 Meeting of the Creditors can be found here.
Please note that the information on this site does not constitute legal advice and should be considered for informational purposes only.