Why Something is Better than Nothing and Why Bankruptcy Can be Good
I have a
little sister. Her and I used to fight and bicker a lot as kids. I was older and smarter. I loved messing with my sister and I thought I would get away with a lot of shenanigans. And my sister
was usually game to mess with me as well. However, the playing field was not even. Because when
I was about to really get my sister good, she would yell “Mom!” and I would get into trouble.
would yell “Mom!” even if I was not doing anything at all. But I still got in trouble. Being the
older brother, Mom was the trump card that I couldn’t beat. In
litigation, bankruptcy is that trump card.If
someone is personally liable in a case and they lose, they could end up with a large judgment against them. If the
judgment is large enough, I would recommend to my client to go through bankruptcy and wipe out the judgment. In fact,
sometimes it is a better option to default in a case without appearing and expending the legal fees, have a judgment against you, and then file for bankruptcy. On the flip
side, sometimes I counsel my client to take less than what is owed, sometimes a lot less, and accept a settlement to avoid the other side filing for bankruptcy. Remember
something is always better than nothing.
Watch the video above to learn more.
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