| Job Title | Range |
|---|---|
| Job Title:Staff Attorney | Range:$61k - $121k (Estimated *) |
| Claims Administrator | Range:$31k - $54k (Estimated *) |
| Claims Supervisor | Range:$41k - $80k (Estimated *) |
| Systems Administrator | Range:$49k - $95k (Estimated *) |
Chapter 13 Bankruptcy Trustee Compensation Instead of a sales proceed commission, the Chapter 13 trustee receives a percentage of the monthly repayment plan as compensation for administering the case. The percentage the trustee can collect varies by district and is often limited to 10%, and the trustee's total compensation is capped, as well.
The U.S. Trustee's office reviews budgets and, if approved, sets the maximum costs and compensation that the Chapter 13 trustee can recover. These budgets include the costs of operating the trustee's office, and employee salaries, including professional salaries for attorneys and accountants.
In a Chapter 7 case, the trustee is paid in two ways depending on whether there are assets administered in your case, or not. $60 administration fee. First, the trustee receives a $60 administrative fee from the bankruptcy filing fees you pay to the court clerk when you file the case (as of June 2018). Percentage of the bankruptcy assets.
A Chapter 7 trustee receives a nominal portion of the debtor's filing fee and a percentage of the debtor's property sales proceeds, plus costs. A Chapter 13 trustee receives a percentage of the monthly amount the debtor pays creditors through the Chapter 13 repayment plan.
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Calculating a Reasonable Fee. The trustee's payment comes from the trust assets. And because as trustee, you're in control of those assets, that means you're in charge of paying yourself. You'll probably also be in charge of determining the amount of your own compensation.
If it's left to you to come up with a "reasonable" fee, here are a couple of ways you might go about the task: 1. Use your state's rules for executor compensation as a guide. After all, an executor's work is often very similar to that of a trustee.
There is always one very straightforward financial consideration: a trustee's compensation is taxable income. You'll have to report it on your annual income tax return, and pay tax on it. An inheritance, on the other hand, isn't taxable income.
Most trustees are entitled to payment for their work managing and distributing trust assets— just like executors of wills. Typically, either the trust document or state law says that trustees can be paid a "reasonable" amount for their work.
The compensation to standing trustees is part of the plan payment you make every month under Chapter 13. The compensation varies by trustee and, although the trustee doesn't need to obtain a court order before receiving payment, oversight for the fee exists.
Most Chapter 13 trustees are "standing trustees," which generally means that serving as a Chapter 13 trustee comprises all or a large part of their business. With few exceptions, all Chapter 13 cases filed in the district are assigned to these standing trustees.
How a Chapter 7 Trustee Gets Paid. In a Chapter 7 case, the trustee is paid in two ways depending on whether there are assets administered in your case, or not. $60 administration fee. First, the trustee receives a $60 administrative fee from the bankruptcy filing fees you pay to the court clerk when you file the case (as of June 2018).
Under the bankruptcy law, 10% is the maximum percentage of any plan payment that can be used to compensate a trustee in Chapter 13. The trustee must use these fees for costs incurred in the case and the costs of running the trustee's office.
If no one objects, or after the court holds a hearing on any objections filed, the court reviews the trustee's fee application and enters an order awarding the fee that the court finds reasonable.
The amount depends on the funds disbursed to interested parties (generally professionals and creditors). You don't make any extra payments to the court to cover the trustee's commissions in Chapter 7.
Since the trustee's fee is considered a commission under bankruptcy law, the maximum allowable is often awarded if no objection is filed. However, in cases where the commission is very large in comparison to the work required, or there was a substantial delay in the administration of the estate due to inaction or another problem in trustee's office, the court may award a fee less than the maximum allowed.
The percentage the trustee can collect varies by district and is often limited to 10%, and the trustee's total compensation is capped, as well.
A Chapter 7 trustee receives a nominal portion of the debtor's filing fee and a percentage of the debtor's property sales proceeds, plus costs. A Chapter 13 trustee receives a percentage of the monthly amount the debtor pays creditors through the Chapter 13 repayment plan.
The trustee does this by selling nonexempt property—assets not protected by a bankruptcy exemption —and distributing the proceeds to creditors. For instance, luxury items not needed to maintain a household or employment—such as a Hermes Birkin handbag or a vacation rental in Sri Lanka—would fall into the nonexempt category and be lost to creditors in Chapter 7 "liquidation" bankruptcy.
Chapter 7 Bankruptcy Trustee Duties. The trustee takes the rowing oar in Chapter 7 and can be rewarded substantially for the effort. In addition to verifying that the debtor passed the Chapter 7 means test and conducting the 341 creditor meeting, the trustee is also responsible for ensuring creditors get paid.
The Chapter 13 trustee reviews the bankruptcy paperwork and conducts the 341 hearing. But Chapter 13 is a debt reorganization bankruptcy, so the trustee doesn't sell property to repay creditors. Instead, in Chapter 13 bankruptcy you propose to pay back a portion of your debts through a three- to five-year repayment plan in exchange for keeping all of your property. During the Chapter 13 case, the filer makes monthly payments to the trustee according to the terms of the plan, and the trustee distributes the funds to creditors.
Instead, in Chapter 13 bankruptcy you propose to pay back a portion of your debts through a three- to five-year repayment plan in exchange for keeping all of your property. During the Chapter 13 case, the filer makes monthly payments to the trustee according to the terms of the plan, and the trustee distributes the funds to creditors.
Instead, a court-assigned bankruptcy trustee oversees each case as it proceeds through the bankruptcy process. However, the court doesn't pay the trustee—the debtor foots the bill. Here's how it works. A Chapter 7 trustee receives a nominal portion of the debtor's filing fee and a percentage of the debtor's property sales proceeds, plus costs.