Legal Question in Bankruptcy in California
When a chapter 7 bankruptcy estate is closed and all assets are abandoned can the entity go back into business and pursue fraud claims against a creditor for breach of fiduciary duty and fraud?
Asked on 12/21/09, 10:59 am
1 Answer from Attorneys
Robert F. Cohen
Law Office of Robert F. Cohen
If the potential value of the fraud claim was scheduled in the bankruptcy, the trustee was aware of it, and it was abandoned, then the claim reverts to the debtor.
Answered on 12/26/09, 11:27 am
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