Free Consultation

Bancruptcy after civil claims

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.
Thank you

Posted from: Ontario

One Response to “Bancruptcy after civil claims”

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.