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bankruptcy

i am involved in litiagation that may give me some money someday How would it a ffect bankruptcy?

Posted from: Ontario

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One Response to “bankruptcy”

A licensed trustee said...

If/wehn you file for bankruptcy your “interest” in the litigation passes to your trustee. In other words, if money does appear at some future time it will be payable to your trustee.

In most cases the litigation is either dropped or settled once a trustee gets involved as most trustees are not willing to fund any legal actions that do not relate directly to your bankruptcy. It may be possible to “buy” you interest in your lawsuit back from your trustee, but that is too complicated a matter for this website.

Find a trustee that you’d like to deal with and then discuss your lawsuit with them – they will tell you how it will be affected by bankruptcy.