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?
Re: Can I File For Bankruptcy If I Am Suing Someone?
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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.
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...
Re: Can I File For Bankruptcy If I Am Suing Someone?
That's true. The lawsuit is an asset of your estate in bankruptcy.
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:
Re: Can I File For Bankruptcy If I Am Suing Someone?
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Quoting
diannamichaelson
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!