List the powers of a bankruptcy trustee
What will be an ideal response?
Trustees generally are lawyers, accountants, or business professionals. They have wide powers that include but are not limited to the following:
a. Taking immediate possession of the debtor's property
b. Under the 2005 Act, protecting domestic support creditors (e.g., children of the debtor)
c. Separating secured and unsecured debts
d. Under the 2005 Act, filing a statement as to whether the case is presumed to be an abuse under the means test (Chapter 7 proceedings only)
e. Setting aside exempt property
f. Investigating the debtor's financial affairs
g. Employing a professional to assist in administration of the case
h. Distributing the proceeds of the estate
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Indicate whether the statement is true or false