Bankruptcy Administration: Case Receipts Paid to Creditors and
Professionals (Letter Report, 07/13/94, GAO/GGD-94-173).

Businesses or individuals who file for Chapter 7 bankruptcy surrender
their nonexempt assets to a trustee, who converts them to cash for
distribution to creditors. Congress is considering changes in the
bankruptcy system that would increase compensation to trustees. Many
trustees have said that they are inadequately compensated under the
current fee system. This report provides information on the total amount
and distribution of bankruptcy estate receipts in cases terminated under
Chapter 7 of the bankruptcy code in statistical years 1991 and 1992. GAO
discusses the amount of total receipts paid to professionals, including
trustees, attorneys, and other professionals, such as accountants and
appraiser; to creditors; and to others, such as debtors.

--------------------------- Indexing Terms -----------------------------

 REPORTNUM:  GGD-94-173
     TITLE:  Bankruptcy Administration: Case Receipts Paid to Creditors 
             and Professionals
      DATE:  07/13/94
   SUBJECT:  Bankruptcy
             Compensation
             Administrative costs
             Legal fees
             Assets
             Civil procedure
             Claims settlement
             Debt collection
             Check disbursement or control

             
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