My lab mix bit our neighbor what should I be prepared for...?

Ok my lab is going to be 2 on January. He has always been the submissive one out of both my dogs, but recently he has been very bad. Today he bit my neighbor and I wanted to see if anyone knew what might happen if am sued how much will it be what am I obligated to pay and what do I have to pay?He has all his shots and I have all the paper work, I had his license, but I lost it will I need it. Sadly now I have to get rid of him so once my mom is back with the car am taking him to the pound :(. She also wants to get rid of my GSD but I told her no and I will fight my parents if needed be for her, but I cant for my lab she said he is causing to much problems. i personally dnt want to get rid of him since he has been my protector. He has saved my life a couple of times from horrible things that my folks don't even know about.