Filing Oklahoma Bankruptcy During Lawsuits may impact your case. Depending on what kind of lawsuit you’re involved in determines how any potential proceeds form that lawsuit are handled. In certain instances all of the proceeds you hope to win will be exempt while in others they will not.
Auto Accidents and Filing Oklahoma Bankruptcy
Filing Oklahoma Bankruptcy During Lawsuits involving pain and suffering are very common. Suppose you were injured in an auto accident or on the job, and you were considering filing a claim against the other driver or your employer. Then you decide to file bankruptcy. You might think that if you took your personal injury case to court, you would be forced to give up any money you were awarded for your injuries, pain, and suffering in the bankruptcy. Your attorney could look at your claim and let you know if it qualifies for an “exemption”. An exemption is money or property that doesn’t get turned over in a bankruptcy. For claims over personal injury, death, or workers compensation, the exemption can cover up to $50,000. Your attorney can also tell you how to handle the money so it isn’t mistaken for money that isn’t covered by an exemption.
Other Oklahoma Bankruptcy Information: Secured and unsecured debts in bankruptcy
Restitution Payments and Filing Oklahoma Bankruptcy
Suppose instead that you were the victim of a crime, and you were due to be awarded compensation. Again, you might assume you’d have to give that up, but your attorney would be able to tell you that such proceeds are also covered by an exemption. However, suppose you were considering filing a different kind of civil case, like a wrongful termination or a sexual harassment lawsuit. You would be wise to consult an attorney, because your attorney would tell you to carefully weigh your options. Those types of cases, unlike injury cases, are not covered by any exemptions. Therefore, if you win money, the bankruptcy estate could (and likely would) take it.
Contact One of our Bankruptcy Lawyers in Oklahoma:
A dedicated, professional Tulsa bankruptcy attorney can help you sort out your options when you file bankruptcy. We can guide you towards the best decisions for your financial future. Thinking about bankruptcy in Oklahoma may be scary, but the process of filing doesn’t have to be. Contact our local bankruptcy firm at 918.739.8984 or read more bankruptcy information on our Tulsa bankruptcy attorneys blog.