Understanding The Duties Of A Bankruptcy Paralegal

Though the bankruptcy laws are very complex ones, you are still advised to have at least the basic understanding of the different things that are associated with this process. For example, you must also be aware of the duties of a bankruptcy paralegal. A paralegal here is an assistant professional who can work for any of the three parties that are often involved in a bankruptcy case – the trustee, creditor’s lawyer, and the debtor’s lawyer. Following is a brief overview on the different tasks that they perform for different parties.

Tasks Performed For Trustee

When court declares someone bankrupt, it also appoints a bankruptcy trustee to oversee the case. The duties of a bankruptcy paralegal that works for trustee include the following things.

- Preparation of the files for meetings and hearings that the trustee has to handle.
- Thorough review of the claims submitted by the creditors in order to determine whether the claims are sufficient.
- Thorough review of the forms submitted by the debtor to ensure everything is in the compliance of the laws.
- Preparation and filing of required reports.
- Filing objection to the allowance of inadequate claims.
- Collecting estate property
- Maintaining records
- Doing a thorough analysis of the feasibility of the debtor’s proposal
- Examining proofs and claims submitted by debtors and creditors

Tasks Performed For Creditors

Following are some of the common duties of a bankruptcy paralegal that works on behalf of a creditor.

- Drafting motions for complaints and examinations
- Drafting reaffirmation agreements
- Drafting motions for avoidance of liens
- drafting notices of appearance
- Attending the meeting of creditors
- Preparing the proof of claim
- Reviewing documents that prove the debt owed by the debtor
- Obtaining data from the creditor for proof of claim
- Reviewing statements of affairs and schedules of the debtor

Tasks Performed For A Debtor

Following are the duties of a bankruptcy paralegal who works on behalf of a debtor.

- Keeping the debtor apprised of court dates
- Preparing the debtor for depositions
- Preparing witnesses for hearings and conducting research
- Drafting attorney’s fee applications
- Drafting reorganization plans
- Drafting notices, proposed orders, agreements, motions, forms, disclosures, statements, schedules, and petitions
- Preparing the initial mass mailing to all creditors
- Ordering asset appraisals
- Prepare appropriate lists by obtaining debt and asset information from the debtor
- Discussing financial management and credit counseling class obligations
- Providing required forms and disclosures to the debtor

Overall, as we can see, the duties of a bankruptcy paralegal play a crucial role in the process of bankruptcy.

Custom Search

Tags: ,
Posted in Bankruptcy, Bankruptcy Basics | 1 Comment »

One Response to “Understanding The Duties Of A Bankruptcy Paralegal”

  1. Bill says:

    Bankruptcy paralegal staff plays an important role for the trustee’s creditors and for the debtors also. If you are going to file a petition of bankruptcy, you must be a least aware of the duties of a paralegal who work as an assistant professional, h/ she can perform as multitasking person, the activities can be done for trustees are like the preparation and filing of the files for meetings and hearings. The paralegal will be responsible for reviewing the claims of creditors, the forms submitted by the debtor. These tasks should be done after reviewing the documents thoroughly. Paralegal professional will check the proofs and claims submitted .

Leave a Reply

You must be logged in to post a comment.