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The statute of limitations for avoidance actions is 2 years from the filing.
Thanks, A2. Just hoping for the best considering it was silent for 7-8 months. Hopefully no other adversary proceedings in general. Friend just wants to finally move past this/is praying no one goes after him for stuff he didn’t do.
A bankruptcy case can be closed even while adversaries are pending. Usually the Trustee files a final report and then shortly after, the case is closed by the court clerk.
Mhm I’m not sure the timing for a trustee to file a final report. Look it up, but I would imagine, it’s when he sees there is nothing more that can be collected for the estate after reasonable investigations. As to filing a NEW adversary after the bankruptcy case is closed, that’s a subject matter jurisdiction issue. Usually the trustee would have to move the court to re-open the case. ** this is not to be construed as forming an attny client relationship** 😊
Also, FWIW, this is the second adversary proceeding. The first one settled between the trustee and the bank, and the bank’s counsel reached out to my friend, and my friend explained he had no idea of the CCs, etc. That first case was for 6 figures, and the trustee + bank settled for half, and the bank did not pursue my friend. This second one is for mid-4 figures, so hoping for a similar outcome/the bank not even bothering friend.
I don’t think there any specific deadline. Complex high-asset cases or where debtors have hidden assets can go on for many years.