Trustee In Bankruptcy

Definition of "Trustee in bankruptcy"

Margaret Hart
Margaret Hart Coldwell Banker Paradise

Person selected by a judge or creditors of a bankrupt individual to handle matters including the sale of the bankrupt's assets, management of the funds from the sale of those assets, payment of expenses, and distribution of the balance to creditors. The trustee is usually compensated with a specified percentage of the liquidation value.

Have a question or comment? We're here to help.

*** Your email address will remain confidential.

Search Real Estate Terms

Popular Real Estate Terms

Popular Real Estate FAQ