It appears that I am now an asset case, with the only asset being that I part of a large lawsuit. So presuming that the trustee does not want to abandon this lawsuit, how is this going to affect my case? I should still be getting my discharge on time. Will my case simply be left open until that lawsuit finishes one way or another? What about the abandonment of all my other assets? Will I get some type of official notification on that, so that I can move on?
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I was wondering the same thing. Does anyone have any experiance with this? -
It has no practical affect, you will still get your discharge on time, etc.
It is very rare for a trustee to keep a case open for a lawsuit; it simply depends on the type of case an how much involvement you or the trustee is required for the case. If this is a passive case, where you are just one of many plaintiffs and there is not much you need to do to keep the case moving forward, the trustee may keep your BK open; if this is an active case that requires significant involvement by you to keep it moving forward, the trustee is likely to abandon it. Reason being, the trustee does not want to take over the litigation.Comment
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I have the feeling that the maximum amount that I could get with the lawsuit is relatively small (about 10% of the total replacement cost as 90% was paid off to me by insurance and a government program set up to mitigate any damages, but which is still about $20K), and even if the lawsuit were to finally be won in my favor, I would probably not get the full replacement value, but only an amount that would be less than the amount I have already gotten (hence no award.)Comment
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Lawsuit during BK
I was in a lawsuit and won, but the defendant has not paid. It's a really small amount, $600. When the Trustee asked me if I were to received anything from the law suit and I told him $600, he almost rolled his eyes and moved on.11/09 FICO - 735 ~ 01/10 FICO 545Comment
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