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Appointment of Trustee
After a Chapter 7 petition is filed by the debtor in the appropriate court, the United States trustee (or the bankrutpcy court in Alabama and North Carolina) appoints an impartial case trustee to administer the case and liquidate the debtor's nonexempt assets.
If all of the debtor's assets are exempt or subject to valid liens, the trustee will typically file a "no asset" report with the court, and there will be no distribution to unsecured creditors. A government unit, however, has 180 days from the date the case is filed to file a claim.
According to the American Bankruptcy Institute, while bankruptcy filings cooled in November, consumers are still feeling the effects of rising unemployment rates and housing debt. Bankruptcies are set to top 1.4 million filings for 2009 as consumers and businesses continue to seek shelter from economic distress.