California | Bankruptcy
Legal Question
I want to file for bankruptcy under chapter 7. If I have a filed a lawsuit for the amount more or less equal to the amont of my debts, will I be discharge under chapter 7? Note: my lawsuit has bearly begin the proccess and I believe that is going to take about a year before the judge can make a decision on that lawsuit.
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Legal Answer
You must list your lawsuit in the bankruptcy as a potential asset. The bankruptcy trustee will take charge of the lawsuit and might hire your present attorney or an attorney of the trustee's choosing to prosecute the suit. Or, the trustee might choose to negotiate the lawsuit for a lower amount to immediately pay creditors. You will not have control of the suit unless it is for personal injury, which might be exempt to a certain extent.
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Law Office of Robert F. Cohen P.O. Box 15896 San Francisco, CA 94115-0896
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