How Long Can A Trustee Keep A Bankruptcy Case Open?

How long can a trustee keep a bankruptcy case open?

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Min Austria
Assistant at Ascent Law LLC

Bankruptcy cases can be in limbo for years, but there's a time limit on how long a trustee can keep it open.

In most bankruptcy cases, a trustee is assigned to oversee the liquidation of the debtor's assets and the distribution of those assets to creditors. Usually, this process takes at most 10 years, but in some cases, a trustee can keep it going after that period is over. This is called "tracing over."

A trustee's duty is to see that a bankrupt estate is administered properly. This means getting in touch with creditors, trying to collect debts owed, and looking into claims of fraudulent transfers or other actions that might hinder the ability of creditors to collect from the debtor. While most of these duties appear on their face to be pretty straightforward, there are some complicated regulations that govern what a trustee can and cannot do.

If you have any questions or need a Bankruptcy Lawyer, please call this law firm for a free consultation.

Ascent Law LLC

8833 S Redwood Road Suite C

West Jordan UT 84088

(801) 676-5506

Utah Lawyer for Divorce Business Bankruptcy Probate Estates
Ascent Law helps you in divorce, bankruptcy, probate, business or criminal cases in Utah, call 801-676-5506 for a free consultation today. We want to help you.
https://www.ascentlawfirm.com

Location: Payson, UT, USA

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