If I have a pending legal complaint, do I have to wait for compensation before I can file a bankruptcy?
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If I have a pending legal complaint, do I have to wait for compensation before I can file a bankruptcy?
Asked on March 30, 2011 under Bankruptcy Law, California
Answers:
Mark J. Markus / Mark J. Markus, Law Offices of
Answered 13 years ago | Contributor
THere aren't enough facts to answer your question. Are you the plaintiff in the legal case? What compensation are you expecting? If you have a claim against someone, it is an asset that you must list in your bankruptcy case regardless of whether you have "won" the case or received your judgment or payment. Whether you can protect that or not depends on what chapter of bankruptcy you file, the value of your other assets, and what exemptions you have available under applicable state law.
Exemption laws are based on the state where you resided for the 2 years prior to filing your bankruptcy case or, if you lived in more than 1 state during that period, in the state where you resided for the greater part of the 180 days prior to that 2 year period.
Mark J. Markus, Attorney at Law
Handling exclusively bankruptcy law cases in California since 1991.
http://www.bklaw.com/
Mark J. Markus / Mark J. Markus, Law Offices of
Answered 13 years ago | Contributor
THere aren't enough facts to answer your question. Are you the plaintiff in the legal case? What compensation are you expecting? If you have a claim against someone, it is an asset that you must list in your bankruptcy case regardless of whether you have "won" the case or received your judgment or payment. Whether you can protect that or not depends on what chapter of bankruptcy you file, the value of your other assets, and what exemptions you have available under applicable state law.
Exemption laws are based on the state where you resided for the 2 years prior to filing your bankruptcy case or, if you lived in more than 1 state during that period, in the state where you resided for the greater part of the 180 days prior to that 2 year period.
Mark J. Markus, Attorney at Law
Handling exclusively bankruptcy law cases in California since 1991.
http://www.bklaw.com/
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