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Closing Your Bankruptcy Case Your trustee only has control of your estate until the bankruptcy is complete. However, if something was in progress during your bankruptcy and you don't collect the money until later, your trustee could still gain access to it.

One key difference between Chapter 13 and Chapter 7 bankruptcy is that Chapter 7 allows people to completely eliminate their unsecured debt after a specific period. In contrast, Chapter 13 allows people to reorganize their debts while paying back some portion of what they owe.

Chapter 11 is the chapter used by large businesses to reorganize their debts and continue operating. Corporations, partnerships, and limited liability companies cannot use chapter 13 to reorganize and must cease business operations if a chapter 7 bankruptcy is filed.

Your trustee may exercise their legal function to review your finances including your bank accounts. However, they are not permitted to touch any of your funds. Unless, of course, you have stipulated that in your repayment plan. Thus, it is highly important that you remain transparent with your finances.

The main difference between Chapter 11 and Chapter 13 is that a Chapter 13 bankruptcy requires that the debtor pay his or her debts within five years. On the other hand, Chapter 11 allows the filer to extend the five-year period unlike Chapter 13. Another difference is how much the Debtor has to pay creditors.

In April 2023, you receive a tax refund for tax year 2022. The part of the refund based on January through June 2022 is part of your bankruptcy estate, but not the part based on July through December. That said, the trustee can't take your tax refund after your bankruptcy case has been closed.