As a Plaintiff in a large lawsuit, you may wish to investigate the Defendant's financial background to help you to decide whether it would be worthwhile to take your case to a jury or to a bench trial or whether you should settle for the insurance policy limits. People file bankruptcy all the time because they can't pay a court judgment.
Hope this perspective helps!
You'll need to give us a lot more information- what is the claim for? Most claims are dischargeable in bankruptcy but some are not. Did you sue the individual and company or just the insurance company? These are a few among many issues you face.
Generally, court judgments are dischargeable in bankruptcy, absent fraud. Yes, if the jury awards more than insurance will cover, the defendant would be liable for that debt. And, again, yes bankruptcy may protect him.
I hope this helps.
Steven A. Leahy
Please note that the above is not intended as legal advice, it is for educational purposes only. No attorney-client relationship is created or is intended to be created hereby. You should contact a local attorney to discuss and to obtain legal advice.
Business debt Business bankruptcy Chapter 7 bankruptcy for businesses Chapter 11 bankruptcy for businesses Chapter 13 bankruptcy for businesses Business insurance Bankruptcy Chapter 7 bankruptcy Chapter 11 bankruptcy Chapter 13 bankruptcy Debt Bankruptcy and debt Chapter 13 bankruptcy reorganization plan Business Fraud