Should I let my atty dat handles my accdient dat I'm filing chap 7? & should I let my atty in bankruptcy dat i have settlement?

Asked about 1 year ago - Las Vegas, NV

Me & my 2 kids have a pending settlement from a car accident in AL while da processing takes a while, I was really behind in my credit cards. The car dat I drove was totally damaged was my dad's car and the car ins is under his name. When we moved to LV , I was unemployed for almost 8months. And as soon i got a job & bec I am behind I applied 5 payday loans to pay some of our bills. But still im behind in my credit cards, payday loans & student loans. Can I file chap7 bankruptcy for my credit cards, payday loans & student loans in LV while I have a pending settlement dat will probably come in a month or 2? And should I let my attorney dat handles my accident dat I'm filing chapter 7? And also should I let my attorney in bankruptcy dat i have a pending settlement coming from a car accident

Attorney answers (7)

  1. Dorothy G Bunce

    Pro

    Contributor Level 20

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    Answered . Nevada law does provide that some of the money you can receive from an auto accident is protected from the bankruptcy, but if you don't disclose it, none of it is protected. Oh yeah, and the insurance company will check you out before cutting a check to your pi attorney for bankruptcy, and if you didn't disclose this information, sorry Charlie, no check! Hope this perspective helps!

  2. J. Scott Dilbeck

    Contributor Level 13

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    Answered . Dat's a great question. You should know dat you have to disclose all assets in dat bankruptcy you filed. But dat settlement should be exempt up to $16150...dat bankruptcy attorneys of your should know dat.

  3. Boris A. Avramski

    Contributor Level 14

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    Answered . It sounds like you have not lived in NV long enough to claim NV exemptions. If you file bankruptcy you have to use AL exemptions to keep whatever, if anything, AL law allows you to keep from your settlement. In any event, you must inform bot attorneys of everything so they can make steps to preserve the most of your settlement.

  4. Scott Benjamin Riddle

    Pro

    Contributor Level 20

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    Answered . That was difficult to try to read, but the simple answer is yes, you need to let both lawyers know about all the issues -- unless you want to make sure you lose any settlement money and possibly lose a Bankruptcy discharge.

  5. David Eli Larson

    Pro

    Contributor Level 15

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    Answered . I can tell you from personal experience that I appreciate knowing my client's legal involvements no matter what particular matter I am handling for them. Attorneys hate to be surprised. We can't give you good advice or prepare a successful legal game plan, if we are kept in the dark about important facts. You know the things you are talking about are important, or you wouldn't be asking these questions.

  6. Richard Edmund Hawkins

    Pro

    Contributor Level 16

    Answered . I don't know if you're deliberately trying to be difficult to read, but your question is really, "Will I get caught if I commit bankruptcy fraud by willfully concealing assets."

    I'd drop a client in a heartbeat for concealing this kind of information from me.

  7. Cody H. Knight

    Pro

    Contributor Level 6

    Answered . It is a crime not to disclose this asset. You could lose all of it if you do not disclose.

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