Thank you for your question.
Please review the Terms of Service here, and put it in the context of the price being paid. None of the Experts here is going to want to read a lengthy story with multiple legal questions and spend a half-hour responding for the equivalent of something like $10 per hour.
I do not see any documents attached to this question.
But know this: IF a question about insurance proceeds has been "fully and fairly litigated" with procedural and substantive due process rules fulfilled, a court order can indeed overpower what otherwise would have been a simple matter of contracts law calling for payment of insurance proceeds to person or company X. A bankruptcy court indeed has jurisdiction over ALL the assets of a debtor's bankruptcy estate.
When attempting to overturn ANY court decision because of "fraud on the court", the quality and admissibility of the evidence is key. Your own out of court statements (hearsay) cannot be admitted under most circumstances, but a "party-opponent's" CAN because that person is there to either lie some more UNDER OATH when it counts, or give true testimony under oath. Hearsay can also be admitted any time to prove the *content* of what someone was said--the limitations are on using it to prove the TRUTH of what was being said earlier out of court. Judges almost always know this stuff by heart and can usually be trusted to rule correctly when one person starts to testify about what the other person said.
My first estimates of what it would take to get a definitive answer to your question are:
1. If you want someone to apply the law to YOUR specific facts and give you an outline of what to file with the court, that would violate the Terms of Service here (practicing law for you), but would take a minimum of one hour and most likely 2-3 hours of attorney time including legal research to confirm what legal rules your federal District's/Circuit's bankruptcy courts are going to be using.
2. I you want someone to tell you what the law is and requires, and merely list the names and types of documents and procedural steps needed to start the battle, then it would still take probably between 30 and 60 minutes to put it all together. That also happens to be beyond the general Q&A format and business model of this professional assistance website...
There are other places you can go to get more than is usually done here, but my Expert Agreement with JustAnswer does not allow me to refer you to any specific attorney or website, other than general attorney referral services.
So if you want Possibility #2, please post a short timeline of the most important events and let's proceed.