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Bankruptcy, statute of limitations limit your right to reparation

If you're hurt in a car accident caused by a malfunction, will you always be able to seek compensation for that accident? Chances are, you'll be limited by the statute of limitations in the state as well as the potential for the company to go into bankruptcy if too many malfunctions and defects affect its goods. Because of this, you should seek reparations as soon as possible.

For example, in the last year, General Motors has been the center of controversy over malfunctions of their vehicles that resulted in people being unable to stop the car due to the ignition switch locking out of position. Prior to the company filing for bankruptcy, an individual could have received compensation for their injuries in those accidents. Now, though, the company is protected by bankruptcy; any death and injury claims from before 2009 could be blocked by the courts since the company is under new management and can't be held accountable for old mistakes.

These kinds of decisions can affect your ability to obtain compensation from a company that has caused your injuries through manufacturing defects. Although this particular case is being appealed, it's yet to be seen if those who were injured and the families of those who were killed will be able to get the compensation they deserve.

What this does point out is the need for you to seek a lawsuit as soon as you're able to following an accident. Waiting beyond a statute of limitations or putting off a lawsuit that will be against a struggling company could result in your having to go without the compensation you need.

Source: Chron, "Court rules GM shielded from death claims before bankruptcy," accessed May. 11, 2015

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Philip J. Fulton Law OfficeRepresenting Victims Of Workplace Injuries And Disability

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