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What Happens to My Injury Claim or Settlements if I File for Bankruptcy in Florida?
Often, although unmanageable medical bills and other unpaid bills are forcing an injured person into bankruptcy, the injured person is hoping to recover damages in a lawsuit award or settlement.
Lawsuit Claims Are Property of The Estate and Must Be Disclosed
Regardless of which type of bankruptcy chapter a person chooses, section 541(a) of the United States Bankruptcy Code requires that all of the individual’s property and every interest in any kind of asset becomes part of the bankruptcy estate when the bankruptcy is filed. This includes any lawsuit that has already been or that might be filed in the future.
The existence of any existing lawsuit or possible lawsuit must be disclosed on the Schedule B—Personal Property form. However, merely listing something on the personal property form does not mean that it will be “lost” in bankruptcy. Instead, the treatment of the lawsuit and how much, if any, of the lawsuit proceeds can be kept, depends on whether the person files for Chapter 7 or Chapter 13 bankruptcy.
However, regardless of whether the person is filing for Chapter 7 or Chapter 13, it is extremely important to list any present or possible future lawsuits as assets. Failing to list an asset, such as existing or possible personal injury or workers’ compensation lawsuits, can result in serious legal consequences.
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