What types of lawsuit settlements are exempt from bankruptcy turnover?

Asked almost 3 years ago - Birmingham, AL

Compensatory/loss damages awarded shortly after filing bankruptcy to repair real-estate. Bank who is also a creditor filed a motion for turnover. Also, is this invasion of privacy?

Attorney answers (3)

  1. Eric Charles Lewis

    Contributor Level 17

    Answered . I don't know what invasion of privacy has to do with anything you described, but what is exempt and what is not depends entirely on the applicable exemptions that were available to you and employed when and where you filed.

    Advice on this forum is for informational purposes only and should never be mistaken as a substitute for legal... more
  2. Dorothy G Bunce

    Pro

    Contributor Level 20

    Answered . Exemptions vary widely from state to state and no attorney is going to know the exemptions in all 50 states. So I am attaching a chart that lists in non-legal terms the exemptions from all of the states.

    Unless the laws specifically provide for an exemption, it is within the discretion of the bankruptcy trustee whether or not to demand the turnover of any individual asset.

    Hope this perspective helps!

  3. Pierre George Basmaji

    Contributor Level 14

    Answered . You should have included the lawsuit as an asset on your Schedule B. Other than that, as Ms. Bunce pointed out, exemptions vary wildly by state. You should talk to a bankruptcy attorney to see what you could exempt. A link to Alabama's exemption is below.

    The information provided here should not be taken as a substitute for legal advice from retained local counsel. Mr.... more

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