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Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Bankruptcy Law
Satisfied Customers: 19471
Experience:  B.A.; M.B.A.; J.D.
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If we file for bankruptcy and then down the road we file for

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If we file for bankruptcy and then down the road we file for a lawsuit agaisnt someone are they allow to attach that to our bankruptcy? We plan to file chapter 7 we have 200.000 dollars in unsucured debt. Have been forclosed on our home and my car repoed. Nothing for them to take except a rental house that we are planning to sell to buy out a partner from the house we live in now and making it our primary home and need to buy him out. Don't even know if there is enough equity to buy him out with. So are they able to take from a lawsuit from us if filed after the bankruptcy is filed?
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  Phillips Esq. replied 6 years ago.

Thank you for giving me the opportunity to assist you. I encourage you to ask me for clarification, if you are not clear with my Answer.

 

Question: If we file for bankruptcy and then down the road we file for a lawsuit agaisnt someone are they allow to attach that to our bankruptcy? We plan to file chapter 7 we have 200.000 dollars in unsucured debt. Have been forclosed on our home and my car repoed. Nothing for them to take except a rental house that we are planning to sell to buy out a partner from the house we live in now and making it our primary home and need to buy him out. Don't even know if there is enough equity to buy him out with. So are they able to take from a lawsuit from us if filed after the bankruptcy is filed?

 

Response: No, because the debts would have been discharged in your bankruptcy. However, if you are contemplating filing a lawsuit against someone, you have to list that potential in your bankruptcy case as an asset. Otherwise, the defendants in the lawsuit would seek to dismiss the lawsuit on the ground that the lawsuit was not listed as potential asset in your bankruptcy filing.

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Customer: replied 6 years ago.
What if I'm filing right now and have not even talked to an attorney about a lawsuit yet. Haven't start anything yet. If we do tell them and then file can't they then apply it to the bankrupty? Then take the proceed of the lawsuit from us?
Expert:  Phillips Esq. replied 6 years ago.

What if I'm filing right now and have not even talked to an attorney about a lawsuit yet. Haven't start anything yet. If we do tell them and then file can't they then apply it to the bankrupty? Then take the proceed of the lawsuit from us?

 

Response: I am not sure where you are going with this question. What do you mean by "apply it to bankruptcy?"

Customer: replied 6 years ago.
I'm not sure how bankruptcy works, I'm wanting to file chapter 7 and then file the law suit, I just don't want them to be able to take it to pay the creditors. Also if you have a lawsuit agaisnt me or a judgement em I able to file bankruptcy on them once they had been served on me? I will be accepting your answer so that you will get creditit for it. thank you
Expert:  Phillips Esq. replied 6 years ago.

I'm not sure how bankruptcy works, I'm wanting to file chapter 7 and then file the law suit, I just don't want them to be able to take it to pay the creditors.

 

Response 1: You do not have any choice in the matter. The rule is if you know that you are going to be filing a lawsuit against someone or thinking about filing a lawsuit against someone when you file for bankruptcy, you must list the information regarding the lawsuit in your bankruptcy case. Otherwise, you would lose your right to bring that lawsuit later. You claim up to certain amount of the potential proceeds from the lawsuit so that the bankruptcy trusee or your creditors cannot touch this amount. You need to ask your bankruptcy attorney further questions on this.

 

Also if you have a lawsuit agaisnt me or a judgement em I able to file bankruptcy on them once they had been served on me?

 

Response 2: Yes, you can include all lawsuits and Judgments against you in your bankruptcy.

 

 

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