Summary administration

What is summary administration as mentioned in one of the blogs – I couldn’t find it when I did a search.

One Response to “Summary administration”

Barton Goth, GCO Inc. Bankruptcy Trustees said...

When you file a bankruptcy there are 2 types of administrations; summary and ordinary. An ordinary administration is for bankruptcy that the anticipated receipts are going to exceed $10,000, whereas a summary administration is for those estates with less than $10,000 in revenues. The idea between these different administration types is the summary is a streamlined version that has less statutory and administrative tasks so that the cost of filing a bankruptcy in these simpler situations can be minimized.