United Glossary of Bankruptcy Terms2012.
The responsibilities of the trustee are different in a Chapter 7 bankruptcy proceeding (which is essentially a liquidation) than in a Chapter 11 proceeding, wherein the debtor hopes to emerge from the bankruptcy as a going concern. In a Chapter 7 proceeding, the trustee will manage the asset sales and then distribute the proceeds to creditors.
A Chapter 13 proceeding applies to individuals who hope to keep some of their assets in return for repaying certain debts.