You must ask your attorney. The answer depends on the cause of action, when it accrued, whether it was listed (or needs to be listed) on your schedules, your trustee, your judge, and the controlling case law. Trust us -- it's a complex question that can't be answered without research.
Settlement for what? Personal injury? Workers Compensation? We don't have enough information to intelligently respond. In addition this will depend on when the action which created the right to the settlement occurred and if prior to the filing of your bankruptcy, whether you properly exempted the claim under state law. If you have an attorney, ask your attorney. If you don't, go consult one and be prepared to pay him or her for the time you spend with them.
DISCLAIMER: This message is intended as a general discussion of legal issues and not as a statement of fact, legal... more
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You can certainly receive a settlement. What you are really asking is can you keep it. And that depends on a number of factors which you have not shared. As pointed out, you need to consult an attorney for answers and be sure you provide all information so you can get good advise. Sharing only what you think might be important is a sure way to get meaningless advice.