A bankruptcy trustee plays a key role in how a bankruptcy case proceeds. The trustee must manage the bankruptcy estate and perform a number of duties required by law and by the circumstances of the bankruptcy case. Whether reviewing claims by creditors or debtors or managing other aspects of a bankruptcy case, the bankruptcy trustee has many responsibilities.
Taft partner Karen R. Goodman has been a member of the Panel of Chapter 7 Trustees for the Northern District of Illinois, Eastern Division in Cook County, Ill., since 1989. As a bankruptcy trustee, she administers approximately 40-50 Chapter 7 cases per month. In addition, Goodman has extensive experience representing trustees in multi-asset cases.
Goodman’s duties and responsibilities as a panel trustee include:
- Reviewing debtors’ petitions and schedules.
- Taking testimony from debtors.
- Investigating the existence of assets for the benefit of the creditors.
- Distributing the proceeds of any assets to creditors.
In addition, Goodman has been appointed as a Chapter 11 Trustee to administer operating companies as their businesses either wind down or are sold. As trustee, Goodman is able to employ professionals, including Taft attorneys, to assist the trustee in the administration of the cases.
Goodman has been recognized in Best Lawyers in America for her work in Bankruptcy and Creditor Debtor Rights/Insolvency and Reorganization Law.