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Author Question: What is a closed bankruptcy? Under which circumstances would a bankruptcy case be reopened? What ... (Read 17 times)

SGallaher96

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on: Aug 3, 2018
What is a closed bankruptcy? Under which circumstances would a bankruptcy case be reopened?
 
  What will be an ideal response?

Question 2

In the case of a real estate transfer, if the transferee can prove that he or she had no ________ or ________ knowledge that the debtor-transferor filed for bankruptcy, the transferee may overcome the transfer.
 
  Fill in the blank(s) with correct word


nixon_s

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Reply #1 on: Aug 3, 2018
Answer to Question 1

A closed bankruptcy indicates that there is no longer any activity in the debtor's case. Under 11 U.S.C.  350(a), the court shall close the case after the estate is fully administered and the court has discharged the trustee. It is when the bankruptcy court has officially determined that the case is over and no longer requires the court's involvement. The bankruptcy case is closed when the trustee has completed administration and there is no longer any activity in the case. The closing of a bankruptcy case also does not necessarily mean that the debtor's case was discharged.

A closed bankruptcy case may be reopened, with the court's discretion, by debtors, the trustee, or any party in interest. A reopened bankruptcy is a case that was closed but now reactivated and opened for further proceedings. Under 11 U.S.C. 350(b), a bankruptcy case may be reopened to administer assets, accord relief to the debtor, or for other cause. The last prong of this Bankruptcy Code section allows the court some flexibility to define what cause would justify reopening a case. A debtor may want to reopen a case if it is alleged that one of the creditors engaged in some form of misconduct.

Answer to Question 2

actual; constructive


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SGallaher96

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Reply #2 on: Aug 3, 2018
TY


nixon_s

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Reply #3 on: Aug 3, 2018
You're welcome


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