Is a keloid curable (1/4 x 1 inch in size)? What is done to prevent a new keloid when the old keloid is cut out?

Tough to prevent. The problem with surgical removal of keloid scars is that they can return in the healing process. Injection of steroids into the keloid or application of teflon sheets (available in the grocery store or pharmacy as "scar strips") can calm down inflammation and flatten them out. You can try this before surgery, or use it afterwards to try to keep the keloid from forming, again. Good luck!