When you file for bankruptcy, you are assigned a bankruptcy trustee to help handle your case. The trustee is the most important person that you will be dealing with while your bankruptcy is ongoing.

This is the individual who which you will go to for answers to you bankruptcy queries once your bankruptcy filing has been approved. This is the person who will take control of all your non-exempt property and put it up for auction or sale. And he is the one who will communicate with your creditors and pay them from the auction proceedings. And, lastly, the bankruptcy trustee is also the person who ensures that all of the paperwork that  you submit to the courts is complete and accurate.

So who does this bankruptcy trustee work for? Well, he works for a number of people – you, the courts, the creditors – but he ultimately reports to the U.S. Trustee Office. There are 21 regional U.S. Trustee offices throughout the country. Their goal is to oversee the bankruptcy trustees and ensure that all of the bankruptcy cases that enter the courts are being handled according to the various federal laws. Normally, you as the person filing, will have no direct contact with the U.S. Trustee unless there are some illegalities or other unusual circumstances involved.

What kind of training is required to be a bankruptcy trustee? Well, there is no type of formal training involved. What normally happens is that a bankruptcy trustee comes from the ranks local bankruptcy lawyers in the area. Even though, being a lawyer is not a prerequisite to being a bankruptcy trustee. Normally, what happens, is that a few days after you file for bankruptcy, you will get a notice in the mail letting you know who your bankruptcy trustee is. You call him and from that point on, he is in charge.

One of the very interesting and generally unknown facts about bankruptcy trustees is that they are paid indirectly by you. They are paid by commission. They get paid by taking a percentage of the sales of your non-exempt items that are sold at auction or though other means. In theory, this gives him a monetary incentive to get as much as he can for your various items which is good for the creditors who are looking to be paid off. In actuality, however, most of the time they are looking for the quickest sale to avoid having to spend too much time on a particular bankruptcy.

From a legal standpoint, probably the most critical fact for you to understand is that once the bankruptcy trustee has been assigned to you, he is in control of all of your non-exempt assets. This means that, without his approval,  you cannot sell or get rid of any of it. He can take any or all of these items to sell as he pleases. If you violate these terms, it is likely that your bankruptcy case will be dismissed and you will not longer have bankruptcy protection for your exempt items.

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About the Author:
David Hoyer is a freelance writer who writes articles relating to stop garnishment and debt settlement vs bankruptcy and other financial issues. Visit his site for more information
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Some jobs can qualify for a special mortgage deal.  This is particularly true for those working in the public sector.  Institutional career professionals could get discount mortgage, assistance, and better terms.  

First of all, you need to understand that all mortgage programs are available for the general public.  There are almost no programs that specifically target certain job types.  However, this does not mean that you can not enjoy some advantages if you are working as a police officer, teacher, or if you work in the public sector.  Your job category could help you get a more favorable mortgage deal.  

Consider searching for special mortgage deals on the Internet.  A quick search can produce lots of results showing special mortgage packages targeted for specific professions. 

Stable Job Means Fewer Risk for Lenders 

If you see mortgage promotions that target specific professions, those programs are not really special.  In most cases, mortgage lenders heavily promote their programs to targeted professions because they want to attract those who have institutional careers.  

Teachers, police officers, state employees, public nurses, and professors have one thing in common.  All of them have job security and stable monthly income.  These qualities are attractive to lenders.  Unlike people who work in the private sector where job security is uncertain, those who work in the public sector enjoy stable jobs.  

Because of job security and more stable income sources, public and institutional employees are safe candidates for a mortgage loan.  They are less risky and this is the primary reason why you may get special incentives or programs from mortgage lenders.  

The Good Neighbor Program

The Department of Housing and Urban Development has a special program called Good Neighbor Next Door.  This is a program that specifically targets K-12 teachers, firefighters, law enforcers, and emergency personnel.  The program offers big discounts for these professions.  So K-12 teachers for example can enjoy better deals if they buy HUD properties in specific locations.  

The incentive program of HUD can offer considerable discounts.  If you qualify for the Good Neighbor program, you can enjoy as much as 50 percent discount on the appraised value of the home.  You will also be given the chance to put up $100-only down payment.  
There is a catch though with this program.  You can get such incentives if you buy a foreclosed property reclaimed by HUD.  The property should also be located in a revitalization area designated by the Department.  

Other Alternative Program

An alternative to the government program is also available.  You could get special mortgage deals if you will join a credit union.  There are credit unions serving public professionals.  Through credit unions, you will be able to get more attractive terms compared to mortgage loans obtained from commercial lenders.  

There are still credit unions today that can offer generous refinancing schemes and low down payment options.  Be aware though that credit unions are state specific and terms of loans tend to vary greatly.  

A career in the military service can help you get better mortgage deals.  State and federal government offer different programs for veterans and active servicemen.  If you work in the military, you might enjoy down payment assistance and lower mortgage rates.

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About the Author:
Rob K. Blake, mortgage expert and author, educates mortgage shoppers on finding local providers by state like Kansas Mortgage Brokers and Lenders and provides reviews of national companies like Asset Acceptance Capital Corp.
 
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