Legal Question in Bankruptcy in Illinois

receiving settlements after bankruptcy

If I file bankruptcy then receive a settlement from a lawsuit do I have do give that money up?

Asked on 1/02/03, 11:31 pm

2 Answers from Attorneys

Lawrence A. Stein Aronberg Goldgehn Davis & Garmisa, LLC

Re: receiving settlements after bankruptcy

It depends on the nature of the settlement and the underlying claim that gave rise to the settlement. Consult with a competent lawyer regarding your particular circumstances and the nature of the claim and the settlement before taking any action. Call me if you wish. Larry Stein (630) 221-1755.

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Answered on 1/03/03, 9:29 am
Thaddeus Hunt Law Offices of Thaddeus Hunt

Re: receiving settlements after bankruptcy

A settlement from a lawsuit can be atrick matter. The Trustee administering your bankruptcy case will take a hard look at the nature of the lawsuit and whether he or she can take that settlement and distribute it to your creditors. Having been a clerk to a Trustee, I know that they will find any way possible to take the settlement money. However, there are ways to help save at least some of the settlement even if the Trustee is allowed to claim it. Give me a call at (847) 223-4410 to discuss this matter further.

Very truly yours,

Thaddeus Hunt, Esq.

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Answered on 1/05/03, 11:22 pm

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