Bankruptcy

Toyota Owners Filing Bankruptcy Be Aware

By Wendell Sherk, Missouri Attorney

Own a Toyota?  Are you filing bankruptcy or in a bankruptcy case already?  You should talk to your lawyer about the Toyota recalls.

You may have a claim against Toyota for defects in your product (or, worse, some physical injury you suffered).    There are already class action lawsuits on file related to these issues that you may be involved in, even if you don’t know it.

When you file bankruptcy, you have to disclose all the assets you own.  Your right to sue (or be part of a lawsuit, like a class action) Toyota or the parts makers would be an asset you own and ought to list in your paperwork in your case.

Even if you didn’t know that you had this claim at the time you filed your case, you may be under an obligation to go back and update your paperwork with the court when you do find out.

Who gets a share of any of the money you might someday recover on account of such a claim is a far more complicated question that very much depends on the circumstances of your specific case — so talk to your lawyer about it!  But keep in mind your chances of keeping part or all of it are improved if you are the one telling the court about it rather than the court finding out while you kept it quiet.

Full post as published by Bankruptcy Law Network on March 09, 2010 (boomark / email).