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law-suit and bankruptcy

I am in a law-suit. The jugment could go in favour up to $8,500.00. On the other hand I may have to pay the defendant. How would I account for this in my bankruptcy?

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One Response to “law-suit and bankruptcy”

Barton Goth GCO Bankruptcy Trustees said...

If you file for bankruptcy your trustee will ultimately call the shots with the lawsuit and regardless of wheter he does or not the funds will be paid into the bankruptcy estate for the general benefit of creditors.

As for the other direction, if you have to pay the defendant, assuming this is not a debt that survives bankrutpcy under Section 178 of the Bankruptcy and Insolvency Act, then this would be an item cleared by the bankruptcy only if the judgement occurrs before you file the bankruptcy.