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Should you file bankruptcy on an injury accident law suit to avoid a lien on your property?In: Bankruptcy Law |
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Answer
If you have adequate insurance to cover the claim, you should demand that your insurance company settle the lawsuit withing your policy limits in exchange for a full waiver. If you have enough coverage to coverage and can settle the case, bankruptcy should not be necessary. You should also be aware that liability for personal injury or death related to driving while under the influence of drugs or alcohol is not dischargeable.
You also need look at a couple of other issues. What is the likelihood that a jury verdict will exceed your insurance coverage? Do you have significant equity in your assets that could be protected in a Chapter 7? Do you need a Chapter 13 repayment plan instead?
The decision to file bankruptcy and which type of bankrupty to file should be made after consultation with a qualified attorney. You must another an number of factors into consideration such as the amount of your dischargeable debt, value of your assets, income and expenses.
First answer by Chslaw. Last edit by Chslaw. Contributor trust: 733 [recommend contributor]. Question popularity: 104 [recommend question]
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