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Law suits or claims as an asset
26 August 2015

Law suits or claims as an asset

I may receive a settlement from a lawsuit I am involved in, is that an asset I must claim when filing for bankruptcy?

YES. All assets and liabilities of the debtor must be listed. Contingent assets, such as the possibility of receiving a settlement from a lawsuit a debtor is involved in prior to the filing of the bankruptcy must be disclosed on Schedule B. Remember, even if it is a possibility of receiving a settlement, it must be disclosed. Depending on the type of settlement, it may be protected. Further, the assigned trustee may have no interest in the asset after examining the listed asset.

Bankruptcy filing is a complicated process. Errors or omissions can cause a simple case turn in the wrong direction rapidly. Similarly, attempting to protect assets that a debtor is entitled to protect must be exercised correctly by the debtor. Such situations must be properly evaluated by a knowledgeable bankruptcy attorney to avoid having valuable assets taken during your bankruptcy. As a highly skilled bankruptcy attorney, I make it my goal to provide each client dedicated the time and experience to assist clients with their bankruptcy filing.

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