{"id":286909,"date":"2016-04-04T10:41:53","date_gmt":"2016-04-04T15:41:53","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-law\/bankruptcy\/chapter-7\/the-chapter-7-trustee-the-bankruptcy-estate-and-claims.html"},"modified":"2023-11-14T10:06:49","modified_gmt":"2023-11-14T15:06:49","slug":"the-chapter-7-trustee-the-bankruptcy-estate-and-claims","status":"publish","type":"page","link":"https:\/\/www.findlaw.com\/bankruptcy\/chapter-7\/the-chapter-7-trustee-the-bankruptcy-estate-and-claims.html","title":{"rendered":"The Chapter 7 Trustee, the Bankruptcy Estate, and Claims"},"content":{"rendered":"\n
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The Chapter 7 Trustee, the Bankruptcy Estate, and Claims<\/h1>\n
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\n By Linda Sanabria, J.D.<\/a> | Legally reviewed by Susan Mills Richmond, Esq.<\/a>\n | Last updated\n
\n \n <\/i>\n Legally Reviewed\n <\/summary>\n\n
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This article has been written and reviewed for legal accuracy, clarity, and style by FindLaw\u2019s team of legal writers and attorneys<\/a> and in accordance with our editorial standards<\/a>.<\/em><\/p>\n\n <\/div>\n <\/details>\n\n

\n \n <\/i>\n Fact-Checked\n <\/summary>\n\n
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The last updated date refers to the last time this article was reviewed by FindLaw or one of our contributing authors<\/a>. We make every effort to keep our articles updated. For information regarding a specific legal issue affecting you, please contact an attorney in your area<\/a>.<\/em><\/p>\n\n <\/div>\n <\/details>\n<\/section>\n

Bankruptcy can be a confusing process. Title 11 of the United States Code, or 11 U.S.C., <\/a>codifies the law relating to bankruptcy. The Supreme Court, in the landmark case of Local Loan Co. v. Hunt<\/i>, held that the bankruptcy process exists<\/a> to provide \u201cthe honest but unfortunate debtor \u2026 a new opportunity in life and a clear field for future effort, unhampered by the pressure and discouragement of preexisting debt."<\/p>\r\n

You should be familiar with some key elements to understand bankruptcy law. Terms such as trustee, bankruptcy estate, and claims can help you understand bankruptcy. Continue reading for an explanation of each term and how they relate to bankruptcy.<\/p>\r\n

The United States Trustee<\/h2>\r\n

A list of events will follow when a debtor files for bankruptcy protection. For instance, upon filing a Chapter 7 bankruptcy<\/a> petition, any causes of action previously held by the debtor become property of the bankruptcy estate. A debtor must disclose all potential causes of action under Coastal Plains<\/i>,<\/a> 179 F.3d 197, 208 (5th Cir. 1999). <\/p>\r\n

The bankruptcy filing will also trigger an automatic stay<\/a>, preventing creditors from pursuing debtors while the stay is pending. Besides a bankruptcy petition, Section 1007(b) of the Federal Rules of Bankruptcy Procedure (Fed. R. Bankr. P.) states that a debtor must file:<\/a><\/p>\r\n