Bankruptcy — Should You List Your Potential Lawsuits?

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Sometimes when we file bankruptcy we are doing it because of the wrongdoing of someone else. Maybe a drunk driver ran a red light and hit us and we can’t work. Maybe a debt collector called our work and got us fired.

Any potential lawsuit we have should be listed in our bankruptcy papers. If we don’t list them, then we may have lost the right to bring the suit forever.

Here is the concluding paragraph to a good short post by David Leibowitz:

So if you are filing a bankruptcy case, list all your assets. And that includes all lawsuits you have against anyone for anything. It includes any claims you have even if you don’t know what their worth. It includes any claims you have even if there are significant defenses to the suit. Don’t get thrown out of court by playing it cute in your bankruptcy case.

Excellent advice.

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