In Illinois you can "exempt" or "protect" certain personal property when filing Chapter 7 Bankruptcy. A personal Injury case can be protected up to $15,000.00. That means the Bankruptcy Trustee would have the ability to recover any settlement over and above $15,0000. You would keep the first $15,000 and the Bankruptcy Trustee would take anything over that amount. It's best to discuss likely settlement figures with your Personal Injury Attorney and put them in touch with your Bankruptcy Attorney before filing a case.Ask a similar question
Usually there is an exemption of some monies in the personal injury case. You will need to have your bankruptcy attorney advise you what that exemption is.
TimAsk a similar question
Consult with a bankruptcy lawyer and inform your lawyer handling your injury claim.
Generally, this should be exempt. But contact a lawyer to confirm.
Stephen L. Hoffman
Law Office of Stephen L. Hoffman LLC
This answer posted on Avvo is for informational and educational purposes only. There is no attorney-client relationship created or formed and you should not rely on this as legal advice. The suggestion is made that if you wish to protect your rights, you consult with an attorney immediately.Ask a similar question
Consult a bankruptcy attorney to review your specific situation and advise you accordingly. Best of luck.
Call for a free consultation at 727-937-1400 or visit us on the Web at www.serviceandjustice.com.Ask a similar question
You need to check with an ILL bankruptcy attorney and your personal injury attorney. I am not a bankruptcy attorney, and only licensed in California, but I know that it usually is listed in the BK petition.
This is not intended to be legal advise or as legal representation. I am a California personal injury attorney . Be aware that every state has its own statute of limitations; and statutes & case laws that govern the handling of these matters.Ask a similar question
This was posted under the personal injury section, but you would want to use Avvo's "find a lawyer" tool to consult with a bankruptcy attorney.Ask a similar question
Consult with a bankruptcy lawyer about this. It is important to coordinate your actions as between your personal injury case and a potential bankrutcy. I anticipate that bankruptcy counsel will tell you that your personal injury claims are an asset that would be dealt with in the event of bankruptcy. I hope this helps. Good luck.Ask a similar question
It is,imply an asset, subject to exemptions. You need to have your injury lawyer coordinate things with your bankruptcy lawyer.
Mr. Padove is licensed to practice law in Illinois and Indiana. The response herein is not legal advice and does not create an attorney/client relationship. The response is in the form of legal education and is intended to provide general information about the matter within the question. Oftentimes the question does not include significant and important facts and timelines that, if known, could significantly change the reply and make it unsuitable. Mr. Padove strongly advises the questioner to confer with an attorney in your state in order to ensure proper advice is received. If this information has been helpful, please indicate below. Burtonap@aol.com (219) 836 2200Ask a similar question
just a word of caution. I read a case that said if you fail to list the PI case as part of the BK, you could lose the entire PI claim. Your PI and BK attorneys will know the rules.
Good luck to you
I am licensed to practice law only in Illinois. Any advice that I render is for general information purposes and does not create an attorney-client relationship. Also it is very important to keep in mind that all legal claims have statues of limitation to file that cannot be missed. A local attorney should be consulted to learn the time limits applicable to a particular claim.Ask a similar question