Income
I was recently layed off due to health and there is a possiblity of a settlement from Workmans Comp. Do I have to report or give this money to the bankrupsy court? If so do I have to give it all?
Asked on 1/12/05, 1:05 pm
1 Answer from Attorneys
Noel Snyder
Law Office of Noel Snyder
Re: Income
Yes you do have to report any claims you have against others. Whether any of the settlement will be considered property of the bankrupt estate (property that has to be turned over to the trustee) depends on whether the worker comp claim is for personal injury or loss of future income or a combination of both. Loss of future income is exempt. Personal injury is only exempt up to $10,000.
Answered on 1/13/05, 11:04 am
Related Questions & Answers
-
When do i give up my car? I am considering filing chapter 7. when in the process... Asked 7/16/04, 3:21 pm in United States Oregon Bankruptcy Law
-
Want to file for Oregon debts Debts in Oregon. Living in Citris Heights, CA now.... Asked 1/02/04, 4:47 am in United States Oregon Bankruptcy Law
-
Business We are going under with all the bills. My husband is to take over his... Asked 9/18/03, 3:04 pm in United States Oregon Bankruptcy Law
