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Instead, the bankruptcy trustee gathers and sells the debtor's nonexempt assets and uses the proceeds of such assets to pay holders of claims (creditors) in ance with the provisions of the Bankruptcy Code.
The bankruptcy trustee has as long as he needs to evaluate and recover assets for the benefit of creditors. What he is tasked to do has little to do with the discharge, and lots to do with gathering funds from which he and creditors can be paid.
What is a discharge in bankruptcy? A bankruptcy discharge releases the debtor from personal liability for certain specified types of debts. In other words, the debtor is no longer legally required to pay any debts that are discharged.
A trustee is appointed to take control of certain assets of the debtor, bring these assets into the estate, and sell or distribute these assets for the benefit of creditors. Some assets will remain with the debtor if these assets are determined to be exempt from distribution to creditors.
Courts can issue a discharge ruling when the debtor meets the discharge requirements under Chapter 7 or Chapter 11 of federal bankruptcy law, or the ruling is based on a debt canceling. A canceling of debt happens when the lender agrees that the rest of the debt is forgiven.
What happens when a creditor files an objection? A creditor's objection does not automatically prevent a discharge of debt. The debtor gets a chance to file an answer to the objection, and the court may hold a hearing to decide the issue. This is called an adversary proceeding, and it works much like any other lawsuit.
Chapter 7, entitled Liquidation, contemplates an orderly, court-supervised procedure by which a trustee takes over the assets of the debtor's estate, reduces them to cash, and makes distributions to creditors, subject to the debtor's right to retain certain exempt property and the rights of secured creditors.
Non-exempt Property. Anything that isn't protected in bankruptcy is considered non-exempt and, in Chapter 7, can be sold by the trustee to pay off creditors.