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Answered in 20 minutes by:
4/23/2012
Law.Hut, Lawyer
Category: Canada Law
Satisfied Customers: 7,846
Experience: with over 15 years experience.
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If you have already filed for bankruptcy then your trustee will get to decide whether or not to settle the small claims lawsuit, and any settlement funds payable to you (if you are the winning party) will be applied towards your bankruptcy and you will not have use of the funds.
You should certainly advise the trustee about the small claims lawsuit. If you do not and this comes to light otherwise during the bankruptcy process, it could put the entire bankruptcy application at risk, and cancel your ability to claim bankruptcy.
If you lose and owe further money because of the small claims action, certainly advise your trustee to see if any debt arising out of the lawsuit can still be included in the bankruptcy proceeding, since the claim had existed prior to the bankruptcy being entered into. .
If you haven’t actually filed yet and the small claims suit settles before you do then you’ll still have to provide the bankruptcy trustee with details of what you do with the settlement funds.
If you have already filed for bankruptcy then your trustee will get to decide whether or not to settle the small claims lawsuit, and any settlement funds payable to you (if you are the winning party) will be applied towards your bankruptcy and you will not have use of the funds.
You should certainly advise the trustee about the small claims lawsuit. If you do not and this comes to light otherwise during the bankruptcy process, it could put the entire bankruptcy application at risk, and cancel your ability to claim bankruptcy.
If you lose and owe further money because of the small claims action, certainly advise your trustee to see if any debt arising out of the lawsuit can still be included in the bankruptcy proceeding, since the claim had existed prior to the bankruptcy being entered into. .
If you haven’t actually filed yet and the small claims suit settles before you do then you’ll still have to provide the bankruptcy trustee with details of what you do with the settlement funds.
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