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Protecting Your Personal Injury Award When Filing For Bankruptcy

Posted By admin || 15-Oct-2008

If you're considering bankruptcy; but are expecting or receiving monetary awards due to a personal injury case make sure your Dallas-Fort Worth bankruptcy attorney is aware of your rights under the new bankruptcy laws.

There are provisions in the bankruptcy law that will prevent creditors from seizing up to $20,200 in proceeds that you receive from a personal injury claim excluding pain and suffering or actual out-of-pocket losses. But that's not all; the bankruptcy law will also allow the debtor filing for bankruptcy to exempt disability, illness and unemployment benefits with no limit on the amount of money the debtor can receive. In addition, the bankruptcy law will exempt wrongful death payments and "loss of future earnings" up to the extent that it is needed to pay for the living expenses of the debtor and the debtor's family. Is that enough? Well, if not, don't forget the $11,200 "wild card" exemption which can be used to cover any award amount not covered by the other exemptions when filing for bankruptcy.

Categories: Bankruptcy
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