I won a case in Court for a malpractice in 2010 a large amount of money, my attorney was happy we won but then he told me a bad
Flushing, NY |
I won a case in Court for a malpractice in 2010 a large amount of money, my attorney was happy we won but then he told me a bad news, that the company we sue went bankrupt can I still get my money? PLEASE HELP THANKS.
I am sure that your attorney will do everything s/he can do to recover as much as possible. It may take awhile, but keep in contact with your attorney and continue to request status updates.
McGrath Law Firm, PLLC
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Sometimes a bankruptcy only delays a recovery, sometimes it reduces it, sometimes it makes it impossible to collect anything. Your attorney is in the best position to answer this question.
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Did the company have insurance? If NO, you need to file a proof of claim in the bankruptcy case and you will be an unsecured creditor. The odds of your getting anything at all or even cents on the dollar are likely not good unless the defendant is restructuring. Speak with your lawyer to make sure your claim has been protected in the bankruptcy court and/or to find out if there is insurance.
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You should find out if your claim/suit was covered by the insurance you say the company had. If so, a motion can be made to the bankruptcy court agreeing to accept the insurance in full satisfaction of your judgment debt and you will likely get a waiver of the stay and then can pursue the insurance. This requires knowing the insurance coverage and amount still remaining. If your claim was not covered by the insurance, then you are a creditor just like all others and need to pursue payment as such. Discuss this with your attorney.
This question need to be directed to your attorney. If you do not understand the procedure schedule a face to face meeting with your attorney to fully discuss the status of your case. Good luck
This is not intended to be legal advise or as legal representation. I am a California personal injury attorney . Be aware that every state has its own statute of limitations; and statutes & case laws that govern the handling of these matters.
I have been involved in cases where the malpractice insurance carrier went under, and others where the company we sued went bankrupt. A lot depends on State law, and a lot depends on whether the company had insurance. As the others have suggested, your attorney is in the best position to answer. If the company had insurance, your attorney can seek leave to go solely against the insurance proceeds. When I had this happened, I retained a bankruptcy attorney on an hourly basis to help. If it is the insurance carrier who went under, some States ( mine included) have guarantee funds, where there are strict reimbursement limits, and very strict rules. I am not licensed in NY, but your attorney should know : 1) who went bankrupt; and 2) what your options and State laws provide for. Good Luck