Legal Question in Bankruptcy in New York
bankruptcy and personal injury
i have a personal injury case pending since 2002 and i'm now at the point where i have no other choice but to claim bankruptcy in my personal life.
even though my p.i. case is registered in the court system, it is no where near settlement. i presume the bankruptcy case will be through the court system long before i even do a deposition in the other case....although i expect to get a financial settlement...how do bankruptcy and personal injury mix?
will i lose my settlement to my creditors?
2 Answers from Attorneys
Re: bankruptcy and personal injury
Yes, assuming you will be filing a chapter 7 personal bankruptcy case (and not chapter 13 or chapter 11), once you file personal bankruptcy your personal injury case becomes an asset of your bankruptcy estate to be administered by the bankruptcy trustee. The law allows you to claim a small exemption in personal injury claims. It is important to hire a knowledgeable bankruptcy attorney to prepare your petition and schedules and not blow your exemption. Doing it yourself or with a paralegal service is not advisable.
Please feel free to check out the Frequently Asked Questions regarding bankruptcy on our website for more information at
www.starrandstarr.com/faqs.htm
We provide free initial consultations regarding bankruptcy to provide general information about your options. Feel free to call at 8888678165 to schedule an in-person or telephone appointment.
Best regards,
Re: bankruptcy and personal injury
If you qualify, You may be able to keep the first $7,500 for yourself. The rest may go to your creditors.
Your Bankruptcy Attorney and Personal Injury Attorney will need to consult.
Jacob Silver
Free Consultation
New York Bankruptcy Attorney, Bankruptcy Lawyer in Brooklyn New York
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Jacob Silver
Attorney At Law
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Brooklyn, NY 11242
http://www.silverbankruptcy.com
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