Q: If I was in a car accident and my case is settled and I have an open bankruptcy, should I had reported the lawsuit?
Will the bankruptcy affect my settlement?
A: If the car accident took place before the bankruptcy, your claim became part of the bankruptcy estate and it technically wasn't yours to settle. If you have a bankruptcy attorney, you should bring this up with him or her. If you don't, you should definitely get one right away because there are some significant issues that need to be dealt with here. At the very least you'll need to amend your schedules to list the claim as an asset and claim an exemption.
A: Yes. If the accident occurred prior to the filing of the bankruptcy, you must report it.
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