Personal Injury Awards and Bankruptcy

: Chris Lee Law Firm

  Filed under: Money Management

moneyThere are many different reasons why individuals go bankrupt. It also has to be understood that although there are Federal Bankruptcy laws each state also has its own laws for this. If you are going bankrupt you must abide by the rules of that state. If your bankruptcy is going to include a personal injury award then this is particularly important. It is also imperative that you use the services of a qualified and experienced Fort Worth bankruptcy attorney.

If you have a personal injury award against you and just assume that you can go bankrupt and you won’t have to pay, you could be very wrong. It is all going to depend on the circumstances of the award as to how this will be handled in your bankruptcy. In most cases if the award is as a result of willful or malicious injuries then they will not be discharged in your bankruptcy.

The bankruptcy courts will look at this very closely. The details of your award situation will be scrutinized carefully and there will be legalities pertaining to it. This is just one of the reasons why you need professional legal assistance.

Even if your bankruptcy did not discharge the award you may still be further ahead to go bankrupt for relief of your other debts so you could concentrate on paying the award. You will have to discuss your entire financial situation with your legal counsel to see what your best recourse is.

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