Best Answer

The bankruptcy would be subject to dismissal with or w/o prejudice. And there is a good possibility that the petitioner could be charged with a fraudulent filing (which is a federal felony). In the case charges are brought, the attorney would have to make his or her own decision about whether to drop the client (a wise choice) or perhaps the option of defending said client in federal court. You are in a position where you may not have been "honest" about your assets. A possible "gain" as regards compensation in a settlement is not the same thing as holding a winning lottery ticket and not saying anything, but your creditors could make a claim for fraud after the fact if they find out. There are real risks here. You would be foolish not to check with another attorney on what is required and what is not as regards a possible settlement. This can usually be done at little or no cost to you as a number of lawyers will waive a fee or have reduced rates for an initial consultation. A mistake here could be extremely expensive in the long run.

2009-02-11 13:54:26
This answer is:
User Avatar

Your Answer

Still have questions?

Related Questions

Can you keep Life insurance in bankruptcy?

Yes. Ask your lawyer about that!

What happens if worker's compensation has been ruled in your favor and the insurance company has not paid?

Communication with both the insurance company and your company may make the difference in knowing what is going on. If you do not get a response, you may have to return to court to get a judgement. Check with your lawyer.

You are currently in a chap 13 bankruptcy can I change to a chap 7 bankruptcy?

You cannot change my bankruptcy, but you can convert your Chapter 13 to a Chapter 7. It happens frequently. You may want to check with your lawyer or an experienced lawyer since it can have unintended consequences.

What happens when a judgment is against us while in the process of claiming bankruptcy?

If you are filing bankruptcy, you should have a bankruptcy lawyer onboard, and this is a question for him or her to deal with. You do not want to go through a bankruptcy on your own, especially as the bankruptcy rules have changed.

Filing bankruptcy in Florida without a lawyer?

how do you file bankruptcy in Florida without a lawyer

What is some of the best bankruptcy advice?

"The best bankruptcy advice would be to consult with a bankruptcy lawyer, who can advise you of all your options. Talking with a debt consolidation company can also be very helpful."

In order to file bankruptcy must you have a bankruptcy attorney?

If you are filing for personal bankruptcy it is not necessary to have a lawyer. If you are filing for business bankruptcy, you must retain a lawyer on your behalf.

What is a chapter 13 lawyer good at?

A chapter 13 lawyer is good at filing for bankruptcy for their client. A bankruptcy lawyer can help you find the best financial path after filing for bankruptcy.

Does the insurance company lawyer have the right to ask for tax returns?

Of course the lawyer has the right to ask...and you have the right to refuse.

Can the company who filed bankruptcy stop your long term disability after 20 years 58yrs old. paid into this plan when working?

If you mean your employer filed for bankruptcy and stopped paying your LTC insurance premium, probably. You should get notice that you can pay the premium on your own. If you mean the LTC insurance company filed for bankruptcy and notified you that you were no longer insured, you may want to consult a local bankruptcy lawyer, since the answer may depend on state law. If you mean you have been receiving LTC insurance payments because you are receiving long-term care, consult a local attorney familiar with this issue. State law may not allow it, and you may have a priority claim in the bankruptcy.

Can a bankruptcy lawyer assist with personal and business bankruptcies?

Yes, a bankruptcy lawyer can assist with personal and business bankruptcies if you file for Chapter 7 bankruptcy.

What happens to a bankruptcy when someone dies?

An administrator or executor of the estate needs to be appointed and file an appearance in the bankruptcy court. The case can continue to discharge of debts of the deceased. Get an experienced bankruptcy lawyer if there no attorney of record.

How to file a chapter 13 bankruptcy?

contact a bankruptcy lawyer

How do you add a creditor to a bankruptcy after you have filed?

Check with your bankruptcy lawyer.

Can a lawyer provide you with bankruptcy information?

A lawyer is actually one of the best resources for information about bankruptcy. There are even bankruptcy lawyers who specialize in Chapter 7 and Chapter 13 bankruptcy law.

When do you need to search out a bankruptcy lawyer?

While you're filing for bankruptcy you may want a bankruptcy lawyer, because it can be very confusing at times and they will be extremely helpful.

What happens if you miss your meeting of creditors in a California Chapter 7 bankruptcy?

You will probably receive one more chance. You need to have your lawyer contact the bankruptcy trustee and see if it can be rescheduled.

Does the bankruptcy court notify you when the bankruptcy is final and legally discharged?

No. The lawyer does.

Is it necessary to have a lawyer when sued for injuries incurred in an accident?

If you are sued for injuries you caused in a car accident, you are not required to have an attorney represent you; you can be a fool and represent yourself and take the chance on losing everything you own if you lose the case. But, if you have car insurance, the insurance company will provide a lawyer for you. They are required to do that under the policy. Plus, the company is not going to trust you or a lawyer of your choosing to defend your case if the insurance company has to pay for the damages.

Can lawyer file bankruptcy?


Do you need a lawyer if you are filing for bankruptcy?


Who is a recommended bankruptcy lawyer in California?

There are many recommended bankruptcy lawyers located int the state of California. An example of a recommended bankruptcy lawyer in California is Mark J. Markus.

Who does an insurance defense attorney represent?

The insurance company hires a lawyer to represent the insured person or corporation. So, assume that Dan gets in a car wreck and rear-ends Paul. Paul sues Dan. Dan's insurance company hires Lewis the lawyer to represent Dan the defendant.

What kind of lawyer earn the most money?

Medical Malpractice and Personal Injury Lawyers. ... Corporate Lawyers. ... Bankruptcy Lawyers, Immigration Attorneys, and Probate Lawyers. ... IP and Patent Lawyers. ... Criminal Defense Lawyers. For more info visit - woodbridgelawfirm

What happens if the business does not have liability insurance?

You'll then need to get it yourself. The way the economy is wouldn't hurt to have insurance and a lawyer just incase.