Legal Question in Bankruptcy in Arizona
We are filing for Chapter 7 and the trustee said that if we received any settlements he gets a percentage of them in the future. When is the statue of limitations up if there is one on this?
It is hard to believe he receives a percentage of something that he didnt have anything to do with.
Asked on 4/23/10, 9:04 am
1 Answer from Attorneys
Donald W. Hudspeth
The Law Offices of Donald W. Hudspeth, P.C.
I'm not sure what you mean by "settlement" but the trustee receives 10% of value (less exemption) of anything he liquidates to pass the proceeds to creditors. The creditors get 90% of the proceeds.
Jo Ann Joy
Attorney/Business Adviser
Answered on 4/29/10, 10:52 am
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