By Marie Ann Greenberg
In a number of jurisdictions, the Standing Trustee, and not the Court, is the party who reviews and approves, or disapproves, loan modification requests. Often a daunting task given the current economic climate. Under either scenario, however, the Standing Trustee will have to review the loan modification motion. In doing so, one must ask, what is the Trustee’s responsibility? Section 1302(b) of the Bankruptcy Code offers little guidance on the subject. Rather it paints broad strokes as to a trustee’s obligation. However, we can certainly read into it.
Putting aside obligations . . .
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