Best Bankruptcy Lawyers in Lincoln, NE

The Impact of Bankruptcy on Liability Claims and Lawsuits The term “liability claim” is indeed very broad but it commonly means that one party is seeking money (damages) from another person. This is typically due to negligence, breach of contract, or through a personal guarantee on a promissory note. Car accidents, slip and fall cases, product liability cases, and breach of contract in a business immediately come to mind. But it could go beyond such situations, to include malfeasance, malpractice, personal or business disputes or just simply failing to perform a service or provide a product as promised. Sometimes, liability claims can be enormous, into the millions of dollars. While filing bankruptcy to resolve a liability claim is sometimes the ultimate answer, it is premature to jump to that conclusion. Read more to learn about impact of bankruptcy on liability claims and lawsuits.