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A "trustee in bankruptcy" is a person who is usually appointed by a U.S. District court or by creditors to administer the affairs of a bankrupt company or individual. This person is usually an attorney with some expertise in bankruptcy law and is paid a percentage of the funds available in the estate of the bankrupt.

If the bankruptcy is filed under Chapter 7 of the U.S. Bankruptcy Code, the trustee is responsible for liquidating the assets of the bankrupt making distributions to creditors. In a Chapter 11 reorganization, a trustee may or may not be appointed. If a trustee is appointed, the trustee is responsible for seeing that a reorganization plan is filed and often assumes responsibility for the bankrupt company.