Legal Question in Bankruptcy in New York

Petition question

i am filing for bankruptcy in new york. i have a lawsuit where i am suing someone for $1 million for personal injuries. i know i have to list it on the petition but how do i put a value on this suit? right now the case is still going on and no settlement has been discussed. how do you value this? thanks!


Asked on 2/18/04, 12:38 pm

2 Answers from Attorneys
Andrew Nitzberg Andrew Nitzberg & Associates

Re: Petition question

This is an easy question. It is not your job to value it, only disclose (list) the lawsuit as an asset.

You should include both your complaint and the defendant's answer in your petition. (the clerks will be put off by including it, but just tell them 'my lawyer told me to' and they will likely stop resisting.)

I would be happy to review your petition before you submit it as a consultation.

You are welcome to a consultation at no fee at my offices at 42 West 44th Street (near Times Square). Please call for an appointment first (646) 591-5786.

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Answered on 2/18/04, 2:23 pm
Eric Kochel The Law Office of Eric David Kochel, Esq., P.C.

Re: Petition question

Just list the details of the lawsuit as your answer to the appropriate question in the "Statement of Financial Affairs" on the bankruptcy petition. The trustee will likely request a statement from your attorney in the lawsuit later. Need help? Call my office at (212) 745-1373.

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Answered on 2/18/04, 6:17 pm


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