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Can I File For Bankruptcy If I Am Suing Someone?

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  • 04-26-2008, 08:13 AM
    Helen L
    Can I File For Bankruptcy If I Am Suing Someone?
    My question involves bankruptcy in the state of: Florida

    I was involved in a car accident 3 years ago. I am suing the other driver as it was his fault and I had injuries resulting in surgery on my arm. The defense Attys are saying my arm was injured before the accident or after the accident as I didn't complain about my arm being sore for about 3 weeks after the accident. So they are fighting it and we still have a ways to go. We do not have a court date until Jan 09. Depositions have not been done yet.
    As the result of this accident I took a huge loss. Had to purchase another car and took a bad hit. Missed work with little pay for over a month...on and on.
    Creditors call all the time and I cannot keep up.
    Can I file bankrupt with an impendig lawsuit? I may only get a small amt and the Atty gets 1/3. It may settle low. I originally thought to pay off all debts with lawsuit funds but I am doubting I will recover.
    Can I file bankrupt with impending lawsuit that doesn't go to court for another 8 months?
  • 04-28-2008, 03:28 PM
    LawResearcherMissy
    Re: Can I File For Bankruptcy If I Am Suing Someone?
    Quote:

    Can I file bankrupt with impending lawsuit that doesn't go to court for another 8 months?
    Given that there's no guarantee you'll get any settlement at all, I'm hard pressed to come up with a reason why this would prevent you from filing for bankruptcy right now.

    Discuss your options with your attorney.
  • 04-29-2008, 08:09 PM
    diannamichaelson
    Re: Can I File For Bankruptcy If I Am Suing Someone?
    I know that when I went to file BK about 10 years ago, I had a pending suit for a car accident and was told by my attorney that if I received a settlement, the creditors would have a claim to it...
  • 04-29-2008, 08:28 PM
    aaron
    Re: Can I File For Bankruptcy If I Am Suing Someone?
    That's true. The lawsuit is an asset of your estate in bankruptcy.
  • 05-04-2008, 08:21 AM
    Helen L
    Re: Can I File For Bankruptcy If I Am Suing Someone?
    Thank-you for the info.
    Then filing for bankruptcy really isn't an option if I do get a settlement.
    An additional question is, I have been served a summons to appear from a creditor. I am completely unable to make pymts or restitution at all. Should I still go ahead and file for bankruptcy to avoid this lawsuit? I know another creditor will be filing suit soon as well.
    My lawsuit may not settle for a long time. If there is a sufficient amount of money recovered in the lawsuit, how is it known to the creditors who are suing me.
    Should I go ahead and file anyway? Is it worth it?
    :confused:
  • 05-04-2008, 08:23 AM
    Helen L
    Re: Can I File For Bankruptcy If I Am Suing Someone?
    Quote:

    Quoting diannamichaelson
    View Post
    I know that when I went to file BK about 10 years ago, I had a pending suit for a car accident and was told by my attorney that if I received a settlement, the creditors would have a claim to it...


    Did you receive a settlement?
    If so, how was it handled?
    Thank-you!
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