Civil Lawsuits...

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  • Cameron Giles
    Registered User
    • Feb 2006
    • 2
    #1

    Civil Lawsuits...

    what happens if you get hit with civil lawsuit and are ordered to pay $100k and you only have $20k in assets. do you file bankruptcy?
    Tags: None
    • SilentKnight
      Megan Fox's fluffer
      • Oct 2005
      • 24812
      #2
      Originally posted by Cameron Giles
      what happens if you get hit with civil lawsuit and are ordered to pay $100k and you only have $20k in assets. do you file bankruptcy?
      Do you have a daughter of legal age?

        Comment

        • Cameron Giles
          Registered User
          • Feb 2006
          • 2
          #3
          no i dont

            Comment

            • EdgeXXX
              Confirmed User
              • Oct 2005
              • 5816
              #4
              Originally posted by Cameron Giles
              what happens if you get hit with civil lawsuit and are ordered to pay $100k and you only have $20k in assets. do you file bankruptcy?

              Depends, they can put a garnish on any future income until the amount is payed off.
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              I have a sig

                Comment

                • KRL
                  Entrepreneur
                  • Oct 2002
                  • 31429
                  #5
                  Depends on the nature of the Plaintiff and case and how well insulated your assets are.

                  If its an aggressive plaintiff, they can seize your assets and levy your income, if your assets are capable of being seized and if you have a paycheck type income.

                  Most times the attorneys recommend just selling the judgment for 10 to 20% on the dollar to a law firm collection agency that can then take over the judgment and hound you. If that firm can't collect they'll turn around and sell your judgment to someone else and the process will repeat.

                  You can declare bankruptcy, but that should be the last resort. The best thing to do if you want to pay it and avoid the hassles is to work out a payment agreement.

                  But, for the most part, the majority of civil judgments go uncollected.
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                    • SilentKnight
                      Megan Fox's fluffer
                      • Oct 2005
                      • 24812
                      #6
                      Originally posted by Cameron Giles
                      what happens if you get hit with civil lawsuit and are ordered to pay $100k and you only have $20k in assets. do you file bankruptcy?
                      Originally posted by SilentKnight
                      Do you have a daughter of legal age?
                      Originally posted by Cameron Giles
                      no i dont
                      Ah well. So much for that idea then.

                        Comment

                        • EdgeXXX
                          Confirmed User
                          • Oct 2005
                          • 5816
                          #7
                          Originally posted by SilentKnight
                          Ah well. So much for that idea then.

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                          I have a sig

                            Comment

                            • After Shock Media
                              It's coming look busy
                              • Mar 2001
                              • 35299
                              #8
                              You may always create a dummy company and use it to buy your own debt from the prevailing party in the civil suit. Typicall as it was stated 10 to 20 cents on the dollar. May be considered slightly unethical or immoral but I am fairly damn sure not in any ways illegal.

                              [email protected] ICQ:135982156 AIM: Aftershockmed1a MSN: [email protected]

                                Comment

                                • phonesex
                                  Confirmed User
                                  • Mar 2005
                                  • 3437
                                  #9
                                  I'd bk it and start over

                                    Comment

                                    • 3M TA3
                                      Confirmed User
                                      • Aug 2005
                                      • 2972
                                      #10
                                      Originally posted by After Shock Media
                                      You may always create a dummy company and use it to buy your own debt from the prevailing party in the civil suit. Typicall as it was stated 10 to 20 cents on the dollar. May be considered slightly unethical or immoral but I am fairly damn sure not in any ways illegal.
                                      set up the company in Nevada and go through a resident agent. you'll be back in business in no time.

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                                      "A problem cannot be solved from the same consciousness that created it. We must learn to see the world anew." - Albert Einstein

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