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WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 17252
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 am thinking about filing BK. I am in the middle of a law

Resolved Question:

I am thinking about filing BK. I am in the middle of a law suite with someone and there hasn't been a court date set. It is a ridiculous law suite and a total waste of time. I am not going to get a lawyer because I think it's a waste of money since I am probably going to file for BK. Right now we are going back and forth trying to come up with a settlement. He is asking for a ridiculous amount that he can't even justify in court. Would it be the best thing to do to offer him what we feel we can pay him $10,000 verses $60,000 and warn him that we are going to be filing for BK and if he doesn't take this then he will get nothing, even if we lose in court. My understanding is that it will be wiped out even if a judgement was placed. Is there any problem with telling someone that ahead of time to avoid the possible waste of time and money for him proceeding with court?

Also if I just don't go to the trial what happens?
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 5 years ago.

WALLSTREETESQ :

Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for clarificati on

WALLSTREETESQ :

You can threaten the filing of a bankruptcy, as part of a negotiation,

WALLSTREETESQ :

and that would be proper,

WALLSTREETESQ :

However, you should be careful, in making it seem that the bankruptcy filing is a definite, and make the offer of $10,000 and you can state anything higher would not be financially possible and could force the company into bankruptcy, that would be fine

WALLSTREETESQ :

If you do not appear in trial and he receives a default judgment,

WALLSTREETESQ :

than after you file bankruptcy the case is dismissed.

WALLSTREETESQ :

the verdict would be dismissed,

WALLSTREETESQ :

it does not matter if you do not appear at the trial date.

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