Bankruptcy and pending litigation
April 12th, 2007 by Questions
I’am a party to a lawsuit which is winding it’s way through our legal system. I expect to gain a large sum of money if I win the lawsuit. I don’t expect the lawsuit to be resolved anytime soon though.
If I declare bankruptcy now do I have to inform the trustee about the pending litigation? Can I still be party to the lawsuit or should I sign my rights over to the trustee?
Since I’am a first time bankrupt with very little surplus income I expect to be discharged in nine months well before the resolution of the lawsuit. Will the presence of the lawsuit delay my discharge?
If I win the lawsuit AFTER my discharge from bankruptcy am I expected to turn over the money to the trustee? Or is it mine to keep?