Lawsuit

[Newposter]

I read through the trustees handbook that was posted in one of the other topics here.

Interesting stuff....but, when I came to the list of potential questions in 341. One stood out.

Are you being sued? Or, is there a lawsuit you could file against someone?

I have to say yes...I think.

In 2007 I entered into a written, but informal contract to renovate a house in NY. It was a major undertaking and cost me 4 1/2 years of my life. The deal was...I put in all the labor, my partner puts in all the capital. We sell and split the proceeds. But...when the time came..he decided to keep the house and not sell. I talked with a lawyer and was advised I had a good case...BUT...the cost to sue was going to be approx $25k and under NY law the written agreement would not allow me to recover those costs. So...the amount I would sue for would be somewhere around $35k...and I would pay out of pocket 25k. No way I had 25k to put on the table. That was in 2012. The house is worth a great deal more now I am sure. I think the statue of limitations has expired. But, if it hasn't...would trustee go after him for what I was cheated out of? That would be real cool.

[despritfreya]

You describe the potential cause of action on Schedule B and let the Trustee decide if he/she wants to pursue it. No way to tell what he/she would do.

Des.

[Newposter]

These forms are like reading through a detailed legal cross examination. Wow.

But the only thing I found on schedule B that sounds even remotely like the spot is this:

21. Other contingent and unliquidated claims of every nature, including tax refunds, counterclaims of the debtor, and rights to setoff claims. Give estimated value of each.

That it?

Also...with that on the filing...does the filing still get classified "no asset chapter 7"?

[despritfreya]

Yes or put it at on the very last entry which should be "35. Other Personal Property. . . ."

And it will be a "no asset case" until the Trustee determines there are assets.

Des.