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Why Chat/LadynRed - SOL/Dismissed Bankruptcy
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Posted by TC
(24.218.234.37) on November 03, 2003 at 20:51:20:
I have read conflicting opinions regarding the effect of a dismissed bankruptcy on the SOL. I've heard that the bankruptcy filing tolls the SOL, however, I found this from a Supreme Court case:
). That automatic stay continues in effect until the earliest of "the time the case is closed," "the time the case is dismissed," or "the time a discharge is granted or denied." 11 U.S.C. 362(c)(2)(A)-(C). See In re Income Property Builders, Inc., 699 F.2d 963, 965 (9th Cir. 1982) ("[a]fter an order of dismissal, the debtor's debts and property are subject to the general laws, unaffected by bankruptcy concepts"). The dismissal of a bankruptcy petition "puts all parties back in the same position they were prior to the filing of the bankruptcy petition. It is as if no bankruptcy petition had ever been filed." In re Stahley, 90-1 U.S. Tax Cas. (CCH) 50,247 (Bankr. D. Colo. 1990). Am I reading it incorrectly, or does a dismissed bankruptcy have no effect on the SOL?
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