Bancruptcy after civil claims
July 9th, 2011 by Questions
Hi, there are 3 civil claims against me for millions dollars.I do not want to keep paying my lawer because the outcome of the lawsuits are not clear, most likely i will loose.
I am considering bancruptcy, I lease a car and have a morgage.My wife will take over the payments.How this can effect me.
Posted from: Ontario
One Response to “Bancruptcy after civil claims”
Please post a follow up comment below:
(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)
You must be logged in to post a comment.
July 10, 2011 at 7:40 am, A licensed trustee said:
The law says that these deabts may be dealt with by filing bankruptcc, BUT be careful. For most people bankruptcy is a straightforward process – complete your duties, pay your fees and after a set period of time it will be completed.
In cases involving lawsuits the process may become more complicated. The creditors have the right to contest your bankruptcy, which at the very least will increase the cost and duration of the process.
You should certainly speak to a trustee, BUT you may also want to discuss the ways a bankruptcy can be contested with a bankruptcy lawyer because it is likely you will require one if your creditors decide to make things difficult for you.