QUESTION
What should I do if filed for bankruptcy for an accident lawsuit?
Asked on Mar 27th, 2012 on Bankruptcy - California
More details to this question:
I filed for bankruptcy just because I was sued for driving without an insurance (I know worst mistake ever). Am being sued for a large amount of money. I was not in debt prior to the suit. All my credit cards are paid off, i have an "Ok" credit score. In order words i have a clean credit and i am not owing anyone except for the lawsuit. Will filling for bankruptcy affect me from getting an employment for 10 years? I know there is a law about discriminating against people who filled for bankruptcy; but most employers disregard the law. Will bankruptcy put a red flag on my credit report when it comes to applying for a job or loan? I would be finishing up my masters degree very soon and I want a job immediately afterwards and am still very young. The auto accident I had is the only reason for me to declare bankruptcy. I don't have other debts just the lawsuit from the accident. Also will the credit report says that I filed for bankruptcy because of the "accident lawsuit" OR it will say I declared bankruptcy? What will it say on the report? What are some other ways filing for bankruptcy can affect an individual? I heard that if you file for bankruptcy, it would show on public record for others to view. How true is that?
4 ANSWERS
Bankruptcy Attorney serving Hampton, VA
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Haven Law Group, P.C.
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You should look at filing a ch. 7. This will discharge the debt and allow you to get your license back if you have lost them. It will be on your credit report, but you can rebuild over the next 2-3 years.
Answered on Mar 29th, 2012 at 11:34 AM
Glen Edward Ashman
Filing without a lawyer was a huge mistake. Filing without knowing the effects was a bigger mistake. All bankruptcies are reported for 10 years. The reason is NOT reported. Bankruptcy will affect future employment. It is a public record. At least one US Court of Appeals has clearly said employers CAN choose not to hire you because of bankruptcy.
Answered on Mar 28th, 2012 at 9:25 PM
Chapter 7 Bankruptcy Attorney serving Huntington Beach, CA
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Law Offices of Robert Parkinson Taylor
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Your question is really too involved. You should talk to an attorney in person. Whether or not you should file all comes down to how much you owe or are going to owe because of the lawsuit. For the most part, bankruptcy does not has the negative impact on your credit or employment prospects that most people think. A lot depends on the industry you are going into. On the other hand, having a $100,000.00 judgment against you won't do much for your credit or employment prospects either. Also, a judgment creditor has the ability to get your license suspended until you've paid off any judgment (stemming from operation of a vehicle while uninsured). A bankruptcy can prevent this. Although you may get your license suspended for one year anyway. Long story short, if you're looking at a big enough judgment, bankruptcy may be prudent and the sooner you start, the sooner you can recover.
Answered on Mar 28th, 2012 at 8:12 PM
Bankruptcy Attorney serving Concord, CA
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William Rubendall Attorney at Law
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Section 525 of the bankruptcy code is federal law prohibiting discrimination in employment, both public and private. Bankruptcy remains on your credit report for ten years, which does not describe the reason for filing bankruptcy. You can be discriminated on account of renting or buying property or in personal loans.
Answered on Mar 28th, 2012 at 6:35 PM