What assets do Panel Trustees administer?
In an individual case, the Panel Trustee will administer all assets that are not exempt. These assets could include: equity in the debtor’s vehicles (above the exemption), equity in the debtor’s residence (above the homestead exemption), rental property, timeshares, raw land, business assets, inventory, accounts receivable and lawsuits (i.e. personal injury lawsuits pending or potential claims). In corporate, partnerships or trust bankruptcies, there are no exemptions afforded the debtor. In these cases, the Panel Trustee usually administers all property of the debtor. The Panel Trustee may abandon property that has little or no value or that is over secured by a lienholder. An abandonment is completed after the Panel Trustee gives notice to creditors of the estate and no objections are filed. Business assets can include: real property, machinery and equipment, deposits, bank accounts, accounts receivable, inventory, patents and other intangibles. In some instances, the Panel Trustee m
