Yes, tell you BK lawyer ASAP. Since it is your son that is injured, not you or your wife, you need to discuss any possible settlement and the possibilities of putting the proceeds into a trust for your son. This is likely to protect your son's settlement from the BK trustee, BUT any settlement for you and you wife is likely to be taken by the trustee. You will need legal guidance from a number of attorneys who practice in different areas of the law. Good luck.
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You absolutely need to tell your bankruptcy attorney as soon as possible. He or she will best be able to assess your situation to determine if the funds will need to be turned over to the Trustee.
The majority of the lawsuit should be for your son, with you and/or your wife suing on his behalf. I think his portion would be outside of the scope of the bankruptcy estate. As for any damages that you, as his parents, could sue for, most definitely you need to advise your bankruptcy attorney and he or she will probably need to amend the schedules and add the cause of action as an asset. You do not want to omit the asset and have the issue of res judicata or collateral estoppel prohibit you from pursuing a future claim.
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