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?

Do you have a daughter of legal age?

no i dont

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

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.

Ah well. So much for that idea then.

:1orglaugh :1orglaugh :1orglaugh

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.

I'd bk it and start over

set up the company in Nevada and go through a resident agent. you'll be back in business in no time.