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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2517
Experience:  Better Business Bur 15yrs bankruptcy experience. Chicago Bar
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I have been sick for over 2 years and havent been able to

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I have been sick for over 2 years and haven't been able to work. I have a claim in with Social Security Disability that I have not received an answer on. In the meantime I am deeply in debt, my bills are all late and I'm about to lose my home. I see bankruptcy as the only way out of this situation. My only problem is that I have 2 personal injury lawsuits pending. One has been going on since '04 and I have no idea when we will finally settle, the other has been since '08 but I am nowhere near completing treatment. I don't want to simply drop these suits as I am hoping that once they settle I can live off of the money for a little while since I am too sick to work. Is there any way that I can still file bankruptcy? I just don't see any other way out of the extremely bleak situation that I am in.
Submitted: 4 years ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 4 years ago.
The personal injury compensation exemption in Nevada is up to $16,500. Anything greater can be used to pay off your creditors. You can file, but would risk losing recovery for anything greater than this amount. But, you'll be debt free when the case is over. You'll get the first $16500, then if there are any surplus funds after administering the estate, you would get the remainder.
Customer: replied 4 years ago.
Thank you for your response. Do you know if there is any kind of time limit on that? For example what if that case took another 5 years and the bankruptcy was already discharged?

Also, how much of the lawsuit money can/does the court take? Would it be the full amount of the debt that I am filing bankruptcy for or just a portion of it? Lets say I had 50K in debt for which I included in the bankruptcy and the injury case provided a 75K settlement, would the court take the full 50K or would they take 75K?
Expert:  Terry L. replied 4 years ago.
The bankruptcy case can stay open to collect on the suit. The trustee can get anything over the exemption amount. The case will discharge but will stay open until the claims get paid when the money comes in
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2517
Experience: Better Business Bur 15yrs bankruptcy experience. Chicago Bar
Terry L. and 2 other Bankruptcy Law Specialists are ready to help you

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