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WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 17248
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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I have a concern, I dont know what to do, would appreciate

Customer Question

I have a concern, I don't know what to do, would appreciate some help. I live in TX and was visiting in a adjoining state, I had a fall due to a slippery floor, I injured my back severely, had rotator cuff surgery on both shoulders, now one of the muscles tore loose from the tendon. I was off work for 7 months and had to live on credit cards. I now have over $38,000. in bills accumulated, I hired a attorney in that state, but have no idea if I will make any kind of settlement. Since I am self-employed, and businesnns down over 50% due to the economy I cannot keep up with the payments. I contacted some of the credit card companies and they would not work with me. I am considering filing Bankruptcy without telling the court I have a pending lawsuit that I don't expect a lot of money and may take over a year or more to resolve. My question is, how much does the court system know if there is a pending lawsuit in a seperate state?
In Appreciation
Submitted: 8 years ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 8 years ago.
IF YOU DO NOT DISCLOSE A POSSIBLE LAWSUIT THE COURT IF THEY FIND OUT WOULD BRING CRIMINAL PERJURY CHARGES AGAINST YOU, BE AWARE THE US DEPT. JUSTICE AND FBI ACTUALLY WORK FOR THE TRUSTEE, AND INVESTIGATE EVERY CASE.

Texas is a very liberal state when it comes to individuals keeping their assets, you should declare a possible suit and if you expect damages from 30,000 to 60,000( you could keep these amounts)

Speak to your personal injury attorney regarding what a possible outcome would be and then decide, however once a suit is filed it is public record and can be found out.

Personal injury damages, not including damages for pain and suffering, are exempt to the extent of $18,450 if you elect the federal exemptions (and if your state even allows you to elect the federal exemptions).

The Texas exemptions allow A single adult, who is not a member of a family to property he or she owns that has a fair market value (exclusive of liens) of up to $30,000. Tex.Prop. Code § 42.001(a)(2). To be exempted from the creditors.

A family can keep up to $60,000.

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