Legal Question in Bankruptcy in Illinois

Should I wait for a lawsuit or file bankruptcy?

I was in a auto accident recently, my

insurance lapsed by hours my

insurance not cover the accident. The

other party is using UIM and sueing

their own insurance co which in

return will sue me, but I dont know

when. I have a ticket w/ names of

people in the accident. I have 1 letter

from their insurance co.stating that I

would be liable in the future for any

claim paid out by the insurance

company to their insure(s) for the

collision. Should I wait to file bk until

a lawsuit(s)? Or, can I put the

police report on my petition as

potential future creditors regarding

the accident that will arise in the

future. If my bk is discharged and I

get sued after my bk discharge,

will I be able to reopen my bk and

add the lawsuits from the accident

police report that was on my peition

as future ? Or, will I be liable for

any lawsuits that my arise from this

accident after the discharge.

Besides the people listed on the police

report, do I have to list all the

creditors representing them in the

lawsuits from the accident in the

petition for a discharge? So scared..

thank you..


Asked on 9/02/08, 6:37 pm

1 Answer from Attorneys
Lesley Hoenig Lesley A. Hoenig, Attorney at Law

Re: Should I wait for a lawsuit or file bankruptcy?

I think you already asked this, but I think you can list any potential creditors from the accident as creditors and list them as contingent creditors, but I'd highly recommend you discuss this with a bankruptcy attorney. It is worth it to hire a bankruptcy attorney to help you out with this (and cheaper than whatever you'd wind up paying in any of these potential law suits.

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Answered on 9/02/08, 7:11 pm


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