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11 U.S.C. § 554 — Abandonment of property of the estate

Federal law — U.S. Code and appendices · legal_authorities

11 U.S.C. § 554 — Abandonment of property of the estate

**(a)** After notice and a hearing, the trustee may abandon any property of the estate that is burdensome to the estate or that is of inconsequential value and benefit to the estate. **(b)** On request of a party in interest and after notice and a hearing, the court may order the trustee to abandon any property of the estate that is burdensome to the estate or that is of inconsequential value and benefit to the estate. **(c)** Unless the court orders otherwise, any property scheduled under [section 521(a)(1) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title11-section521/a/1&num=0&edition=prelim) not otherwise administered at the time of the closing of a case is abandoned to the debtor and administered for purposes of [section 350 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title11-section350&num=0&edition=prelim). **(d)** Unless the court orders otherwise, property of the estate that is not abandoned under this section and that is not administered in the case remains property of the estate.

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Source location: Title 11, Chapter 5, § 554; chapter-005-creditors-the-debtor-and-the-estate.md

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Federal law — U.S. Code and appendices · legal_authorities

28 U.S.C. § 581 — United States trustees

**(a)** The Attorney General shall appoint one United States trustee for each of the following regions composed of Federal judicial districts (without regard to section 451): (1) The judicial districts established for the States of Maine, Massachusetts, New Hampshire, and Rhode Island. (2) The judicial districts established for the States of Connecticut, New York, and Vermont. (3) The judicial districts established for the States of Delaware, New Jersey, and Pennsylvania. (4) The judicial districts established for the States of Maryland, North Carolina, South Carolina, Virginia, and West Virginia and for the District of Columbia. (5) The judicial districts established for the States of Louisiana and Mississippi. (6) The Northern District of Texas and the Eastern District of Texas. (7) The Southern District of Texas and the Western District of Texas. (8) The judicial districts established for the States of Kentucky and Tennessee. (9) The judicial districts established for the States of Michigan and Ohio. (10) The Central District of Illinois and the Southern District of Illinois; and the judicial districts established for the State of Indiana. (11) The Northern District of Illinois; and the judicial districts established for the State of Wisconsin. (12) The judicial districts established for the States of Minnesota, Iowa, North Dakota, and South Dakota. (13) The judicial districts established for the States of Arkansas, Nebraska, and Missouri. (14) The District of Arizona. (15) The Southern District of California; and the judicial districts established for the State of Hawaii, and for Guam and the Commonwealth of the Northern Mariana Islands. (16) The Central District of California. (17) The Eastern District of California and the Northern District of Cal

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Federal law — U.S. Code and appendices · legal_authorities

11 U.S.C. § 350 — Closing and reopening cases

**(a)** After an estate is fully administered and the court has discharged the trustee, the court shall close the case. **(b)** A case may be reopened in the court in which such case was closed to administer assets, to accord relief to the debtor, or for other cause.

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Federal law — U.S. Code and appendices · legal_authorities

11 U.S.C. § 101 — Definitions

In this title the following definitions shall apply: (1) The term “accountant” means accountant authorized under applicable law to practice public accounting, and includes professional accounting association, corporation, or partnership, if so authorized. (2) The term “affiliate” means— (A) entity that directly or indirectly owns, controls, or holds with power to vote, 20 percent or more of the outstanding voting securities of the debtor, other than an entity that holds such securities— (i) in a fiduciary or agency capacity without sole discretionary power to vote such securities; or (ii) solely to secure a debt, if such entity has not in fact exercised such power to vote; (B) corporation 20 percent or more of whose outstanding voting securities are directly or indirectly owned, controlled, or held with power to vote, by the debtor, or by an entity that directly or indirectly owns, controls, or holds with power to vote, 20 percent or more of the outstanding voting securities of the debtor, other than an entity that holds such securities— (i) in a fiduciary or agency capacity without sole discretionary power to vote such securities; or (ii) solely to secure a debt, if such entity has not in fact exercised such power to vote; (C) person whose business is operated under a lease or operating agreement by a debtor, or person substantially all of whose property is operated under an operating agreement with the debtor; or (D) entity that operates the business or substantially all of the property of the debtor under a lease or operating agreement. (3) The term “assisted person” means any person whose debts consist primarily of consumer debts and the value of whose nonexempt property is less than $150,000.11 See Adjustment of Dollar Amounts not

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Federal law — U.S. Code and appendices · legal_authorities

11 U.S.C. § 551 — Automatic preservation of avoided transfer

Any transfer avoided under section 522, 544, 545, 547, 548, 549, or 724(a) of this title, or any lien void under [section 506(d) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title11-section506/d&num=0&edition=prelim), is preserved for the benefit of the estate but only with respect to property of the estate.

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Federal law — U.S. Code and appendices · legal_authorities

11 U.S.C. § 722 — Redemption

An individual debtor may, whether or not the debtor has waived the right to redeem under this section, redeem tangible personal property intended primarily for personal, family, or household use, from a lien securing a dischargeable consumer debt, if such property is exempted under [section 522 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title11-section522&num=0&edition=prelim) or has been abandoned under [section 554 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title11-section554&num=0&edition=prelim), by paying the holder of such lien the amount of the allowed secured claim of such holder that is secured by such lien in full at the time of redemption.

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Federal law — U.S. Code and appendices · legal_authorities

28 U.S.C. § 960 — Tax liability

**(a)** Any officers and agents conducting any business under authority of a United States court shall be subject to all Federal, State and local taxes applicable to such business to the same extent as if it were conducted by an individual or corporation. **(b)** A tax under subsection (a) shall be paid on or before the due date of the tax under applicable nonbankruptcy law, unless— (1) the tax is a property tax secured by a lien against property that is abandoned under [section 554 of title 11](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title11-section554&num=0&edition=prelim), within a reasonable period of time after the lien attaches, by the trustee in a case under title 11; or (2) payment of the tax is excused under a specific provision of title 11. **(c)** In a case pending under chapter 7 of title 11, payment of a tax may be deferred until final distribution is made under [section 726 of title 11](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title11-section726&num=0&edition=prelim), if— (1) the tax was not incurred by a trustee duly appointed or elected under chapter 7 of title 11; or (2) before the due date of the tax, an order of the court makes a finding of probable insufficiency of funds of the estate to pay in full the administrative expenses allowed under [section 503(b) of title 11](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title11-section503/b&num=0&edition=prelim) that have the same priority in distribution under [section 726(b) of title 11](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title11-section726/b&num=0&edition=prelim) as the priority of that tax.

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Federal law — U.S. Code and appendices · legal_authorities

11 U.S.C. § 554 — Abandonment of property of the estate

Page 183 TITLE 11—BANKRUPTCY § 554 §§ 205(b), 222(b), title V, § 501(d)(19), Oct. 22, 1994, 108 Stat. 4123, 4129, 4146; Pub. L. 109–8, title IX, § 907(n), Apr. 20, 2005, 119 Stat. 181.) HISTORICAL AND REVISION NOTES LEGISLATIVE STATEMENTS Section 553 of the House amendment is derived from a similar provision contained in the Senate amend- ment, but is modified to clarify application of a two- point test with respect to setoffs. SENATE REPORT NO. 95–989 This section preserves, with some changes, the right of setoff in bankruptcy cases now found in section 68 of the Bankruptcy Act [section 108 of former title 11]. One exception to the right is the automatic stay, discussed in connection with proposed 11 U.S.C. 362. Another is the right of the trustee to use property under section 363 that is subject to a right of setoff. The section states that the right of setoff is unaf- fected by the bankruptcy code except to the extent that the creditor’s claim is disallowed, the creditor ac- quired (other than from the debtor) the claim during the 90 days preceding the case while the debtor was in- solvent, the debt being offset was incurred for the pur- pose of obtaining a right of setoff, while the debtor was insolvent and during the 90-day prebankruptcy period, or the creditor improved his position in the 90-day pe- riod (similar to the improvement in position test found in the preference section 547(c)(5)). Only the last excep- tion is an addition to current law. As under section 547(f), the debtor is presumed to have been insolvent during the 90 days before the case. Editorial Notes AMENDMENTS 2005—Subsec. (a)(2)(B)(ii). Pub. L. 109–8, § 907(n)(1), in- serted ‘‘(except for a setoff of a kind described in sec- tion 362(b)(6), 362(b)(7), 362(b)(17), 362(b)(2

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