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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2815
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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I owe about $250K that can be discharge. I got a law suit

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I owe about $250K that can be discharge. I got a law suit for $50K right now by one of the creditor. I don't know if it's worth it or not to file BK. Currently, I'm self employed and don't have any property or wage for creditors to go after. And I just won a law suite and the court award me with about $40K. I will receive payment of $900 for 4 years. What do you think I should do?
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 6 years ago.
Hi and thank you for your question.
You should meet with a financial planner.
If the creditor gets a judgment, then there is a chance they can get the proceeds of the lawsuit. IF you file bankruptcy, the trustee can possibly get it as well to pay your creditors.
Your interest in the business is an asset in a bankruptcy case so that would need to be factored in as well. Talk to a local bankruptcy attorney to help guide you. Most offer free consultations.
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