Civil Lawsuits... - GoFuckYourself.com

Cameron Giles · 02-17-2006, 08:11 PM

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?

SilentKnight · 02-17-2006, 08:30 PM

Quote:

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?

Cameron Giles · 02-17-2006, 08:33 PM

no i dont

EdgeXXX · 02-17-2006, 08:33 PM

Quote:

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.

KRL · 02-17-2006, 08:39 PM

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.

SilentKnight · 02-17-2006, 11:51 PM

Quote:

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?

Quote:

Originally Posted by SilentKnight

Do you have a daughter of legal age?

Quote:

Originally Posted by Cameron Giles

no i dont

Ah well. So much for that idea then.

EdgeXXX · 02-17-2006, 11:51 PM

Quote:

Originally Posted by SilentKnight

Ah well. So much for that idea then.

After Shock Media · 02-18-2006, 02:31 AM

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.

phonesex · 02-18-2006, 03:24 AM

I'd bk it and start over

3M TA3 · 02-18-2006, 03:25 AM

Quote:

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.

02-17-2006, 08:11 PM	#1
Cameron Giles Registered User Join Date: Feb 2006 Posts: 2	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?

02-17-2006, 08:39 PM	#5
KRL Entrepreneur Join Date: Oct 2002 Location: USA Posts: 31,429	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. __________________ If you would like to develop your domains, you can lease inexpensive foreign labor from the leaders in the field at iWebmasters.com TO LOWER YOUR COSTS AND INCREASE YOUR PRODUCTION! * * * * * * * * * * * * Domains Adult News KRL's Newsletter Biz Tips Just Listed Domains

02-18-2006, 02:31 AM	#8
After Shock Media It's coming look busy Join Date: Mar 2001 Location: "Ph'nglui mglw'nafh Cthulhu R'lyeh wgah'nagl fhtagn". Posts: 35,299	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]

02-18-2006, 03:24 AM	#9
phonesex Confirmed User Join Date: Mar 2005 Location: Phone Sex Pays! Believe it! Posts: 3,437	I'd bk it and start over __________________ Phone Sex Pays Make $1.50 a minute! CLICK HERE TO SIGN UP NOW

02-17-2006, 08:33 PM	#3
Cameron Giles Registered User Join Date: Feb 2006 Posts: 2	no i dont