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  1. #1
    Join Date
    Apr 2012
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    4

    Default Is it Easy to Discharge a Judgment in Bankruptcy

    My question involves bankruptcy in the state of: CA

    I have a strong change of winning a medical malpractice lawsuit. The medical professional who is going to lose is very wealthy, though probably has his assets well sheltered. He did just go through a recent divorce so his income and expense declarations are there to discover.

    Is it really that easy to file bankruptcy when most likely this person makes around $850K per year? Would they do it simply to get out of the judgement? Of which CA, they could settle with me buy purchasing an annuity?

    What would be their incentive to not file bankruptcy? How would bankruptcy hurt a successful medical professional?

  2. #2
    Join Date
    Sep 2010
    Posts
    478

    Default Re: Is it Easy to Discharge a Judgment in Bankruptcy

    This "medical professional" did not have insurance????

    Yes, he can file bk and doing so would end the suit. If he has non exempt assets that he wishes to keep he is not going to file a Chapter 7. If he files, it would be either a Chapter 13 or 11. You would then have to wait for payment just like any other unsecured creditor.

    Des.

  3. #3
    Join Date
    Apr 2012
    Posts
    4

    Default Re: Is it Easy to Discharge a Judgment in Bankruptcy

    In California, as in other states like Florida, doctors do not have to have med mal insurance. Or they can be underinsured for their speciality - in this doc's case - $1m and yet he's doing high risk surgery. It's a great way to "force" a plaintiff to settle for much, much less because most likely the doc has sheltered his assets.

    So if the doc does have a large judgment against them, the plaintiff is left trying to find their assets and the doc can also turn around and file bankruptcy. I plan to pull this doc's income and expense declaration from his divorce last year to see what assets he has. I'm curious if I can attach some of those and have greater standing in bankruptcy court if he were to file. I'm also curious as to what "exempt assets are". Can you really "shelter" your assets from bankruptcy - say putting them into some LLC? Any comments?

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