Basically this depends on how far along you are in the litigation process and what assets you have.
In general a bankruptcy will eradicate any judgment you have against you even if the lawsuit is in progress.
If you get sued and file bankruptcy that lawsuit will stop as bankruptcy protection kicks in.
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If you have been sued and that case has already gone to judgment, bankruptcy will eradicate the judgment.
If your wages have been garnished, filing for bankruptcy will stop any future garnishment.
These are all defensive moves obviously, but they won’t help with anything that’s already happened.
In other words, anything that’s already been taken is gone for good and you can’t get it back.
If your bank account has been attached whatever was taken is gone. You won’t see it again.
Anything that you still owe gets wiped out.
If you have real property and the other party has placed a judgment on your real property then it is secured by your house.
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Bankruptcy will not expunge that debt and you will still have to pay it.
Both bankruptcy and being sued are serious and complex legal proceedings.
However, as always, there are things that are priorities and things that are seen as secondary.
If you have been sued, it may be in your best interest to declare bankruptcy. However, it would also be in your best interest to seek sophisticated professional advice before doing anything.
We can help you with that. Call our office today. We can sit down with you, at your convenience, to discuss your situation and circumstances. Together we can find a solution which best suits your needs.
We currently assist bankruptcy clients in the following counties:
- Los Angeles County
- San Fernando Valley
- Orange County
- San Bernardino County
- Riverside County
- Ventura County
- Santa Barbara County
Elena Steers is a highly experienced bankruptcy attorney, the founder of Law Offices of Steers & Associates, and previously worked as a Bankruptcy Trustee Assistant at the Office of the Chapter 13 Trustee in Los Angeles. Her current affiliations include the State Bar of California, National Association of Consumer Bankruptcy Attorneys, and Central District Consumer Bankruptcy Attorneys Association.