Legal Question in Bankruptcy in Oregon

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.

Read more
Answered on 1/13/05, 11:04 am


Related Questions & Answers

More Bankruptcy Law questions and answers in Oregon