Legal Question in Bankruptcy in Indiana

What happens to previuosly filed law suits that you may be a pettioner in?

We have a law suit pending in court for a breach of contract for our business that we had to close due to breach. Also we are being counterd suied dy defendent.

There may or may not be a monitary gain resulting from lawsuit.What happens to this case. It may take a great deal of time to resolve suit. Will any money that is awarded be taken by courts or creditors?


Asked on 1/15/01, 12:12 pm

1 Answer from Attorneys
Mary Ann Wunder Wunder & Wunder

Re: What happens to previuosly filed law suits that you may be a pettioner in?

Your pending lawsuit and your claim in it is an asset of the bankruptcy estate and the trustee is entitled to pursue it. The defendant's claim back against you is treated as any other creditor's claim. If you failed to disclose the lawsuit in your schedules, you must tell the trustee about it during your first meeting. You must also list the defendant as a creditor. You should give notice to the trial court that the bankruptcy has been filed.

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Answered on 1/30/01, 9:13 am


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