Bankruptcy Law Questions? Ask a Bankruptcy Lawyer.
Hi - I practice in Tennessee. Bankruptcy is based primarily on federal law. However, some state law applies in terms of exemptions and other related items.
Chapters 7 and 13 are extremely different. Chapter 7 is a complete discharge of all debts, meaning that you don't have to pay anything back.
Chapter 13 is a repayment of all debts interest free over 3-5 years.
Filing a 7 or 13 won't effect your civil suit. However, any money you receive from the suit may be subject to the trustee taking those funds and applying them towards the debts you have.
Is there a difference between a civil suit and a federal suit pertainining to any federal bankruptcy filing ? So, are you saying that any filed lawsuit of wrongful discharge or discrimination lawsuit is non-exempt or exempt from my bankruptcy filing? Where can I go to research this issue further on the internet.
This is the issue: I don't mind re-paying any money I owe from a settlement that I may recieve, however I have a extremely strong case; I don't want to fight this battle and then be told you won but you cant recieve any settlement monies. Will that happen due to filing federal bankruptcy? Where in Tennessee do you practice? Thank you
Unless your civil lawsuit is based on personal injury, the funds received from the lawsuit will likely be subject to the bankruptcy trustee for distribution to creditors. The trustee would be able to retain any money necessary to pay off creditors.
I practice in the Memphis area.
Thank you Adam, One last question, Would a wrongful termination or discrimination lawsuit be considered personal injury. I am meeting with a BR atty, just wanted some insight. I suppose I could go to the UT Law school and research since I'm currently working on my MBA......
BTW - The concept of the ability for individuals to go online and ask a question must be lucrative. Have you ever thought about branching out into another area? I have a great concept that I may consider for Tennessee which could encompass all the other states as well. If your interested in talking with me, call me on my cell.
No. Personal injury is a car wreck, medical malpractice, etc.
When you speak with a bankruptcy atty, he/she'll walk you through the best way to handle your case.